Know your credit score

finance / / 59 Comments
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Your Credit score is a small number with big impact. It is a numerical expression based on an analysis of a persons credit file. A great credit score can save you money by allowing you to qualify for the best terms and interest rates when applying for a loan, a home loan, small business, car or whatever your need may be.

on the other hand, bad credit scores or no credit history has many down sides such as:

  1. Rejection for apartments, cellphone services, ctredit cards and loans.
  2. Higher insurance payments for cars and other property coverage.
  3. Higher interest rates for any money you borrow which equates to thousands of extra dollars over a few years.

Having a bad credit score makes many aspects of your life more difficult and expensive; rebuilding your credit can takes years.

Many lenders choose to use credit scoring as a tool to help them predict if a borrower will repay it on time. The score gives the lender an indication of a borrowers creditworthiness based on credit history data.

Credit scores are based on credit report information typically gathered from Eqifax, Transunion, or Experian the three major credit bureaus. Credit scores range from 300-850 with the average credit score of about 675.

What does your credit score say about you?

59 thoughts on “Know your credit score”

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