We’ll talk a lot about your credit score here so it’s good to begin with a basic explanation of what it is and how it works.
Basically, a credit score is a numerical value various banks and credit card companies use to evaluate whether you are eligible to receive a loan or not. It’s based on a statistical analysis of your previous expenses and earnings.
There are also many other organizations which use credit scores to analyze “you”: mobile phone companies, insurance companies, some government departments and even your employers. That’s why it more important than ever that you inform yourself about your credit score and find out how you can improve it.
If you wish to learn more basics about the credit score Wikipedia is a good place to look, but for more detailed information stick around and read some of our other posts here.
4 Mistakes That Will Hurt Your Credit Score
We’ve talked a bit about improving your credit score so far, but sometimes taking matters into your own hands can result in a lower credit score. This article will list the four most common mistakes people make when trying to improve their credit scores. 1. Don’t make a late payment A late or even a missed payment will hurt your credit score, even more so if it’s already high. If…
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6 Easy Ways To Improve Your Credit Score
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Credit scores are constantly changed and re-calculated and anything you do financially can impact it, both positively or negatively. Here’s a list of a few ways you can (dramatically) improve your credit score. 1. Review your credit report It’s not uncommon for credit score reports to contain errors. Make sure you double check it and fix any mistakes as it may impact your overall credit score significantly. 2. Pay your…
Read more...What Your Credit Score Affects
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The single most important thing to note about a low credit score is that not only may it prevent you from actually receiving credit, but you will also get a higher interest rate as lenders see you as a bigger risk. The following chart will show you how a low credit score can significant affect your interest rates when applying for a car loan: Credit Score 36-month new auto…
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Credit Score Factors – How To Calculate Credit Scores
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One of the most important things about improving your credit score is knowing how it’s calculated. There are several key factors used in determining your credit score and in this article we’ll discuss them. There are several methods of credit score calculations but the most popular one is FICO. We won’t be going into too many details about its origin since it’s not important. A person’s credit score can range from…
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