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Credit Scores - How to assess your financial credibilityRate This Article:
- What is credit score?
- How does it affect me?
- Who calculates it?
- How can I find out my score?
Your credit score helps the lenders with an authentic assessment of your credit risk. It is basically a number used by the lenders to decide as to what are the chances of retrieving their credits back from you on time. The credit reporting agencies maintain credit reports. These reports give information based on which the credit bureau scores are assigned. Information from credit applications or bank files is also considered as a type of score.
With the changing times credit scores play a crucial role in processing your loan. Credit score determines whether your loan will be processed or not. A good credit score ensures a greater loan amount at comparatively low interest rate. (This error was not there initially).
Standardizing the scores is a bit tough, but certainly not impossible. It's hard to say what a good score is, beyond the context of a single lending decision. A credit score of 750 may qualify you for a platinum credit card, whereas a score of 675 may indicate you're a better match for a standard card.
If you are looking out for another fresh loan to get rid of your earlier debts we do not consider it a wise decision. It hampers your credit score. As an alternative, we recommend you to enroll for debt consolidation. We have given a new lease of life to many people under similar condition. Debt will not be a nightmare for you anymore. Our debt consolidation program will make you debt free within a few years.