November 11, 2010 8:00 pm
Published by John Smith
Thinking about applying for a loan? Or maybe you are looking to buy a home. Your credit report will play a huge role in whether you get that loan or on what kind of mortgage plan you have. In today's fast-paced life more people are using credit cards as it helps them in easing down their payment options. But, do credit card users actually realize the importance of a credit report? Credit report acts as an indicator to show how perfect you are in paying your dues.
November 6, 2010 9:05 pm
Published by John Smith
What does 'credit rating' mean? It is actually an assessment of the credit worthiness of individual citizens and corporations. Based on this assessment banks and financial institutions approve any credit facility to people and companies. The credit score is a statistical method which helps you to understand the possibilities of a party paying back the amount that has been borrowed. While dealing with credit scores you may get to hear the term "FICO score" - FICO is an acronym for the Flair Isaacs Corporation, the creator of the software that is used for calculating credit scores. Generally, scores that hover around the 350 mark is thought to be highly risky, while the scores that stand around 850 are of the lowest risk. A lot of factors are considered while assessing your credit worthiness, these are:
* The previous credit performance
* Current level of indebtedness
* The time for which credit has been used
* The types of credit presently available
* Pursuit of new credit options
October 28, 2010 10:49 pm
Published by John Smith
Your credit score happens to be one of the most vital parts of your financial life. It follows you forever and significantly affects major financial events in your life. Credit report and credit score are closely related to each other - your credit score is a three-digit number which is based on the information present in your credit report. It's interesting to know that your credit rating has the power to qualify you for more credit card offers or rule out your possibilities of acquiring any credit facility. You also need to know that credit rating is also used to substantiate your eligibility for employment.
