Some people who are less familiar with credit may ask, "What's my credit score go to do with anything"? Well, a credit score determines someone's risk factor when applying for a loan, credit card, or mortgage. A credit score can range anywhere for 300 to 850. Of course, a 300 credit score is very bad and an 850 credit score is perfect.
If someone would like to check their credit score they can contact a credit reporting agency. There are a few different credit reporting agencies to choose from but it is best to contact each one because each one reports a credit score a little differently.
If someone does not know their credit score then it is a good idea to check it out. Credit scores play a huge role in getting approved for different forms of credit. If someone does not know their credit score they will have no idea of knowing if they have good or bad credit and what needs to be worked on as far as their credit goes. Anyone can be a victim of identity theft as well and no one would even know it until a credit report is checked. So it is always good to double check a credit report.
To have good credit means that people need to make credit card and loan payments on time. Missing payments will hurt the credit score. Having high balances on credit cards can hurt the debt to income ratio which will negatively impact the credit score. Having too many lines of credit or loans will raise ones debt to income ratio which can also look bad on the credit score.
If someone is having trouble fixing their credit, then a good thing to try is to get a secured credit card. This is important for anyone who plans on purchasing a home or needing a vehicle loan. A lot of companies offer secured cards and they normally report to the credit bureau which will help build some good credit history. Just be sure to make payments on time every month and not to max out the card.
So having a good credit score is definitely something that everyone should have. Unfortunately, not everyone knows how to maintain a good credit score. By actively monitoring one's credit score and credit report, anyone can work on improving their own credit. This will be a positive influence on getting approved for that car loan or house mortgage.
If someone would like to check their credit score they can contact a credit reporting agency. There are a few different credit reporting agencies to choose from but it is best to contact each one because each one reports a credit score a little differently.
If someone does not know their credit score then it is a good idea to check it out. Credit scores play a huge role in getting approved for different forms of credit. If someone does not know their credit score they will have no idea of knowing if they have good or bad credit and what needs to be worked on as far as their credit goes. Anyone can be a victim of identity theft as well and no one would even know it until a credit report is checked. So it is always good to double check a credit report.
To have good credit means that people need to make credit card and loan payments on time. Missing payments will hurt the credit score. Having high balances on credit cards can hurt the debt to income ratio which will negatively impact the credit score. Having too many lines of credit or loans will raise ones debt to income ratio which can also look bad on the credit score.
If someone is having trouble fixing their credit, then a good thing to try is to get a secured credit card. This is important for anyone who plans on purchasing a home or needing a vehicle loan. A lot of companies offer secured cards and they normally report to the credit bureau which will help build some good credit history. Just be sure to make payments on time every month and not to max out the card.
So having a good credit score is definitely something that everyone should have. Unfortunately, not everyone knows how to maintain a good credit score. By actively monitoring one's credit score and credit report, anyone can work on improving their own credit. This will be a positive influence on getting approved for that car loan or house mortgage.
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