Why Your Credit Score Is More Important Than You Realize
There are many misconceptions and false information about credit scores which lead many debtors to believe that they are not important. There are even debtors who think they do not have a credit score at all. But the truth is, these false beliefs about their credit scores can greatly affect not only their financial life but their life as a whole, too. Let me explain.
If you happen to have a bank account or bills to pay, then you do have a credit score, which is more important than you may have realized. Your credit score, which is also referred to as your credit rating, FICO score, FICO rating or credit risk score, is that all-important three-digit number that lets lenders have an idea how well you repay your bills and handle your finances.
When you apply for credit loan, lenders look at your credit score to let them know if you are a good credit risk or not. In other words, if you have a high credit score, it will be easy for you to get a loan because it indicates how responsible you are with your financial obligations. Generally, the higher your credit score is, the lower the loan interest rates...
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