When learning about your credit score, it is essentially a numbers game. Your credit score can determine whether or not you are eligible for something as simple as a department store credit card, qualification for a mortgage or a new car. The higher your score is, the less interest you will pay. If you have a low score, and poor credit you will find yourself paying higher interest rates or getting rejected on your applications. Your score consists of a three-digit number, and that number will determine your credit score rating. Based on your credit score, you will fall into the following categories:
There are however, variances in the scoring process. If you search for a standard scoring chart, you will find that there are many levels of credit scoring. Different scores are used or evaluated for different purposes, but ideally you want to fall between 690-850. These numbers are always fluctuating based on your financial activity. Credit history takes time to build, so monitoring your credit is crucial. One error or missed payment can lower your score, which can lead to denial on your auto loan, mortgage or credit card.
By educating yourself on the basics, you are already taking the first step toward your credit education. For a LIMITED time, get your report for the discounted rate of only $16. In addition, Sarma will include your credit score for FREE!
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