The credit score scale is an indicator used by lending institutions to find out if you are credit worthy. This could be from to and the higher the score, the better off you are.
You can get a copy of your credit score scale by getting a copy from an accredited credit agency by giving them a call or requesting for one through their website.
These three credit agencies are namely Expedia, Equifax or Transunion and you can get a copy from one or from all three at the same time or after a few months.
Majority of Americans get a score or higher on their credit score scale. Sadly, there are a few who score lower. How this is determined is based on factors.
The first is your credit history. This includes the number of loans that were approved or disapproved, your credit card transactions and other financing which you may have acquired over the past years.
The creditors will also review if you have had any late payments in the past. If you have always paid this one time, then that is great.
Another indicator will be the length of your credit. If you have had this for years, then you have an advantage compared to someone who is just building up their credit. New credit is also a factor together with a few other things that could make the scale go up or down.
If you happen to be delinquent in any of them, you must do whatever it takes to correct it so there will be an improvement in your credit score scale.
You can start by cutting down on your expenses and using the money saved to pay off the debt.
For those who have a lot of credit cards, you should pay off first the one that has the highest interest rate then work on the rest. The objective is to be debt free and only have credit cards left in your wallet.
Worse case scenario if you dont have the money is to sell some valuables so you pay it off without worrying anymore of the growing amount due to interest.
If you cant handle the situation, get help from a financial advisor. This person ma help you negotiate with creditors as to how this problem can be solved.
Only when you are debt free can your credit score scale ever improve. You should know that this is not going to be easy and this could take months before things look better but if you put in time and effort, there is no doubt that you will be able to apply for a loan once again.
There are some who say getting a new credit card will help just make sure that this one offers low interest rates and that you only use up to % of the maximum limit at times that is just about right.
The credit score scale changes so it is best to get one annually. It can go up or down depending on your behavior so if you keep your nose clean, there wont be any red flags on your record. You should also remember that sometimes, it is not your fault if it goes down which is why you should check if there are any errors so this can be corrected.
- Credit Score Explanation
- Numbers have different meanings. In school, you are given an A if you excel in a particular subject. In the real world, a or could have an effect on your ability to get a loan. This is called your credit score and to give you an idea, here is an explanation. The credit
- Credit Report and Score
- Every year, a credit repot comes out with a corresponding score at the bottom. This could be from to and it varies from person to person depending on their consumer behavior. Your credit score is based on different things. This includes your credit history, outstanding debts, credit length, number of inquiries made and
- Check Your Credit Score
- If you are thinking of applying for a loan, it will be a good idea to first check your credit score. This will give you an indication whether your request will be approved or not and how much interest you will have to pay. So how do you check your credit score? For that, you
- What Is a Credit Report Score
- A credit repot score is the basis used by lenders to determine if your loan application will be approved or not. If your credit report score is above , there wont be any problems and your loan will be granted with low interest rates. If however you score below this figure, you will be charged
- Credit Score Chart
- A credit score chart is what creditors look at to see if you are in good standing or not. This helps them decide whether or not to lend you money that you need to buy a car, a house or pay for tuition. Because it does not take into account gender, race, religion, martial status
