Although many mortgage companies and finance experts have been warning consumers about the importance of maintaining a good credit score, many people fail to recognize the value. When applying for any type of credit, potential lenders review our credit history and base loan approvals on its contents. If applying for instant credit, lenders simply use credit scores. Here are a few tips to help you understand how credit works, and tips for boosting your personal rating.
The Value of Credit Scores
Credit scores are a valuable tool for lenders. Because banks and other lending institutions receive numerous loan requests on a daily basis, it is challenging determining which applicants should get approved.
Lenders have many methods for judging a person’s credit worthiness. To speed up the process, several lenders begin by reviewing a credit score. To separate the good applicants from the bad, they establish a minimum credit score requirement. If your score falls below this requirement, it’s an immediate credit denial.
Calculating Credit Score
Many factors play a role in credit scoring. Scores are between 300 and 850. The higher the score,...
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