Credit Score and How it Affects Your Life
Credit Score and How it Affects Your Life
Numbers in combination with each other may be fruitful, or deceitful enough to bring down all the future plans you had in store. The combination of numbers could be relevant for a million dollar jackpot, high stakes at the blackjack table or your credit score, with the difference being that some are well within our control and the other commonly used term is luck. Although we work hard at what we do best to earn the most, the harsh fact is that we cannot afford to buy a house, car, furnishings and the bare necessities of life at the same time, unless of course you were born with a golden spoon.
The word luck and credit score are irrelevant to each other but this advice is strictly for the novice! It is completely up to you to gain and maintain the combination of three numbers that comprise your credit score and to determine what the future has in store. Credit scores are favorable in all walks of life, whether it is employment, mortgage, credit cards, car loans, personal loans and even the interest rates on all of them.
Credit bureaus such as Experian, Equifax and Transunion host your credit scores in their databases and creditors refer or rely on them to distinguish your eligibility and the interest rates they can bestow you with. This also helps them determine the realistic amount of time you will need to pay the loans off, without hurting their profits and your future prospects. Sometimes we hurt our credit score without even realizing it and although there are many ways of credit repair available, it is best to keep a track of your credit score, either by getting a copy from your credit bureau or a credit help firm.
We very seldom need a house or car at the age of 18 but at the age of 25, it may be something that is crucial and could make your life a whole lot easier. The higher your credit scores, the less is the number of rejections you will face within a period of time. If you realize that your numbers are below par, then it is better late than never to fix them. We will assume that by this point you know what your actual credit score is and are looking for various ways to bump them up.
The highest credit score is 850 and the lowest is 300, but statistics prove that approximately 30 million people in the U.S. have a credit score of less than 600, which is not exactly impressive. This common credit score makes it harder to get a loan at the interest rate you deserve, or get a loan period. You make perch yourself at a level of comfort once your credit score reaches 600 or above but it is best to get it to the highest number possible, considering the unexpected things that may come your way. When you scrutinize your credit report, make sure that you look for things like delinquencies and payment terms and history. Analyze your report yourself, before you decide to call your creditors, which may prove to be all the more frustrating!
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