If you are looking t get a mortgage, a car loan or any kind of financing, even a credit card you will not be successful if you do not have a good credit rating and credit score. If you are applying to a bank or loan company for a loan or mortgage these institutions are hesitant to make a loan unless the credit report is pristine. Your chances or obtaining financing are better if your credit report and credit score are clean. In some instances an employer may want to see a clean and clear credit report and score when you apply for a job and the same applies to renting a home or an apartment.
There are three major credit reporting agencies, and wherever you may apply for any financing they will want to see your credit report and your credit score. These prospective lenders will get a report for either one or all three of the credit reporting agencies. If you have too many people making inquiries about your credit, this will also affect your credit rating negatively because each time someone inquires about your credit it is registered and too many inquiries does not look or calculate well. Inquiring about your own credit is the exception to this rule. Inquiring about your own credit rating is a good way to avoid identity theft.
If you get your own credit report from each of the three credit reporting agencies and the score is low, it will give you an opportunity to clean your credit up and bring your score up. You can usually find a company that will get your credit report for you free of charge and then help you monitor and regulate your credit. Proper credit management will give you financial freedom.
Here is a list of some of the things that may cause you to have a low credit score: If you do not pay your bills on time or do not pay at least the minimum amount required, having and using too many credit cards and keeping the balance on those cards too high, using only a part of your correct name when applying for credit cards or a loan, not reviewing your credit reports on a regular basis, and not telling your creditors when you have moved to a new location. These things can affect your credit rating negatively.
If you have a low credit score and you are lucky enough to get financing then you can expect to pay a high rate of interest then you would pay if your credit score was higher and your credit report was clean.
There are three major credit reporting agencies, and wherever you may apply for any financing they will want to see your credit report and your credit score. These prospective lenders will get a report for either one or all three of the credit reporting agencies. If you have too many people making inquiries about your credit, this will also affect your credit rating negatively because each time someone inquires about your credit it is registered and too many inquiries does not look or calculate well. Inquiring about your own credit is the exception to this rule. Inquiring about your own credit rating is a good way to avoid identity theft.
If you get your own credit report from each of the three credit reporting agencies and the score is low, it will give you an opportunity to clean your credit up and bring your score up. You can usually find a company that will get your credit report for you free of charge and then help you monitor and regulate your credit. Proper credit management will give you financial freedom.
Here is a list of some of the things that may cause you to have a low credit score: If you do not pay your bills on time or do not pay at least the minimum amount required, having and using too many credit cards and keeping the balance on those cards too high, using only a part of your correct name when applying for credit cards or a loan, not reviewing your credit reports on a regular basis, and not telling your creditors when you have moved to a new location. These things can affect your credit rating negatively.
If you have a low credit score and you are lucky enough to get financing then you can expect to pay a high rate of interest then you would pay if your credit score was higher and your credit report was clean.
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Avoid identity theft; check your free credit score report often. Visit creditscorequick - credit score report
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