Tag: credit score
Maintaining good credit is essential to having healthy financials, and in this day and age, your credit is a huge indicator of worthiness to most financial institutions. Good credit is a critical component to getting a home loan, car loan, credit cards, student loans, renting an apartment or home, and even getting a job. Just as your home and car need to be maintained to run properly and stay in good condition, so does your credit.
Surprisingly, 65% of adults have never checked their credit report, and 60% of those adults have never viewed their credit score. Your credit score says a lot about you, and it can impact some of the largest purchasing decisions in your life. Ignoring your credit report can also leave you unaware of mistakes that could drop you into a lower credit score bracket.
Credit score is one of the most important factors when applying for a mortgage loan. Basically, the credit score is a number between 350 and 850, calculated using a complex mathematical model composed of several indicators taken from the borrower’s credit history, outstanding debts, etc. Higher credit scores represent borrowers with less risk. This credit score infographic by Mortgage Kick presents the most important factors and shares excellent tips on how you can keep a high credit score to get approved for a mortgage.
Are you applying for a credit card or mortgage? Is your credit score holding you back? Check out these top tips from MoneySupermarket and see if they can increase your chances of being approved.
Your credit scores is essentially a summary of how well you pay your bills, how likely you are to pay loans back, and how much credit you can receive.This Infographic provides details on what can affect your credit score positively or negatively.