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| Do you Know your Credit Score? |
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| Written by Samantha Asher |
| Tuesday, 24 February 2009 10:40 |
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There are several ads out there concerning your credit score. Do you know your credit score? This is an often asked question, and few people can probably answer it positively. They go on to talk about what it is and why it's important. Unfortunately, just knowing your credit score is not enough. First, you need to know what it is and why it should be as high as possible. Until your score hits the maximum, you should always shoot for a higher score. Your credit score is your grade on your credit history. Your credit history can be found in a statement called a credit report. There are three different credit reports and if you are interested in getting a free copy of all three, check out the link below. Your credit history lists out all your past dealings with credit. This can range from credit cards to any kind of loans such as student loans, or mortgage loans. The history includes any information about if you've paid your bills on time, late, or if you haven't paid them at all. The better you are about paying your bills on time, the better your credit will be. If you've never made a late payment or missed a payment, you'll have excellent credit. Credit reports are critical in the lending process. When you apply for a loan, the creditors will get a copy from 1 or more of the three credit bureaus that issue credit reports to see if you are credit worth. For any kind of loan or credit, they want to know if you'll pay them back. You credit score is critical when getting alone. Sure, they look at your income and job stability, but it's your credit that is the deciding factor as to whether or not they'll lend you the money. You must have good credit to get a loan. Your credit history is important to them because they want to know how much of a risk you are to them. If you have a history of not paying your bills on time or sometimes not at all, they assume you are going to do the same with their loan, so they don't give you any money. Even if you get a loan with a not-so-good credit history, the terms of the loan will be pretty bad. For example, you might show that you make a lot of late payments, so they give you a loan with a high interest rate and they only give you a small amount of money. If you ever think you will need a loan, you must watch your credit. You can get one free copy of each of your credit reports every year. Check the link below for your free copies. About the Author: What is a credit report? Find out more about how to get a free copy of my credit report and what your credit score means to you. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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