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The credit score reflected in your credit report, also commonly known as your FICO score, not only determines whether you qualify for a loan, but also the interest rate for the loan. The higher your credit score, the better your chances of being approved for a loan with a favorable interest rate. Credit scores range from 300-850. Those with credit scores below 620 pay higher interest rates on loans and have difficulty obtaining loans.
→ Read MoreYour credit report contains information on where you live, how you pay your bills, and also reports whether you’ve been sued or arrested, have court judgments or have filed for bankruptcy. Here you’ll find resources for where to find a free credit report.
→ Read MoreA high amount of debt and a poor credit rating force many people into deep financial trouble. While lost in the stress and uncertainty over how to pay next month’s bills, it’s easy to forget that there is a way out of your financial hole. Improving your credit is a great place to start, and sticking to a personal debt repayment plan and communicating with creditors before payment problems become negative marks on your credit report will set you on the right track toward financial success.
→ Read MoreWhat can I do if I have bad credit but I want to obtain a home loan?
→ Read MorePreventing and repairing credit report errors is essential. The credit report, and the three digit score issued based on it, is the determining factor not only in whether or not you will be able to get a loan or a credit card, but also in whether that loan will have favorable interest rates or budget-breaking interest. Mistakes can and do happen, so you’ll need to check your credit report periodically to ensure that there are no credit report errors found on it. If you do identify an error, then you can dispute that error with the credit bureau.
→ Read MoreThere are indeed legitimate businesses out there that can help you clean up your credit record. Some will contact your creditors, try to consolidate your debts, and put together a repayment plan. They may be able to advise you on bankruptcy and whether your should consider it. Many are non-profit agencies who charge small or even no fees to provide credit counseling. You can locate agencies in your area under Credit & Debt Counseling Services in your yellow page directory. For more information on legitimate credit counselors go to National Foundation of Credit Counseling website.
→ Read MoreWhen applying for credit or a loan, every consumer is at the mercy of a combination of factors, collectively known as creditworthiness. But under the Equal Credit Opportunity Act, all consumers also have legal rights.
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