Understanding the Implications of Your Credit Score
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Understanding the Implications of Your Credit Score

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For most people, their credit score is the most important figure of their financial life as it can affect their chances of taking out a loan, renting a house and even buying a car. There are bad, ...

For most people, their credit score is the most important figure of their financial life as it can affect their chances of taking out a loan, renting a house and even buying a car. There are bad, poor, average, good and excellent credit scores but what determines exactly whether your score is below or above average. What are the possible implications of bad and credit reports?

The importance of your credit score is very important since this is where you will see your actual credit rating. For more info on this kindly visit us at http://creditscorefox.com.

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    Understanding the Implications of Your Credit Score Understanding the Implications of Your Credit Score Presentation Transcript

    • Understanding the Implications of your Credit Score Brought to you by: www.creditscorefox.com
    • Understanding the Implications of your Credit Score For most people, their credit score is the most important figure of their financial life as it can affect their chances of taking out a loan, renting a house and even buying a car. There are bad, poor, average, good and excellent credit scores but what determines exactly whether your score is below or above average. What are the possible implications of bad and credit reports? Your credit score will help decide your creditworthiness, and if you are a potential risk to banks, lending institutions, landlords and other organizations, where you engage financial transactions. www.creditscorefox.com
    • Understanding the Implications of your Credit Score Your credit score basically determines whether these organizations should trust you to pay your obligations to them on time. It is important to know that you are entitled to free credit report from the major credit reporting agencies each year. These agencies are TransUnion, Equifax and Experian. While there are so many methods of calculating your credit score, FICO is considered the most popular generator of credit score. FICO is using your payment history, the length of your credit history, www.creditscorefox.com
    • Understanding the Implications of your Credit Score the amount of money owed, the types of credit cards you are using and your new credit to tally your score up. Credit scores are a three digit number and it is a representation of your creditworthiness. The score ranges from 300 to 850. Scores of 720 and above are regarded as excellent credit and where you would like your credits score to fall. Because it is an indication of how financially responsible you are, you will get more favorable repayment plans for your loan and cheaper rates of interest. www.creditscorefox.com
    • Understanding the Implications of your Credit Score Since you are not considered a credit risk, you will not run into limitations when you apply for a loan or make a big purchase. If your score is within the 680 to 719 range, you can be considered good credit. Though you won’t get terms as good as if you have an excellent credit score, still you will qualify for respectable loan terms. If you have a credit score between 620 and 679, you can be considered average credit and it is basically the minimum score that can still get decent loan and mortgage terms. www.creditscorefox.com
    • Understanding the Implications of your Credit Score Even if you still have available options with this score, you may need to start to look for ways to raise your credit score. A person can be considered poor credit if his or her score drops down between 580 and 619. If you have a poor credit score, you will find loan terms that are much less friendly and stricter. You can still get a loan with poor credit score but expect to have high rates of interest, expensive charges and fees. Bad credit scores are scores that are below 579. www.creditscorefox.com
    • Understanding the Implications of your Credit Score If you have this credit score, it becomes difficult to find organizations that can take the risk of giving you a loan. Remember that you can always improve your credit score by paying your bills and loans on time and by using your credit cards wisely. The importance of your credit score is very important since this is where you will see your actual credit rating. For more info on this kindly visit us at Credit Score Fox. www.creditscorefox.com
    • Understanding the Implications of your Credit Score Brought to you by: www.creditscorefox.com