A FICO credit
score measures a consumers credit rate and good
or bad standing. A credit score is is a report on
a borrowers credit history. This report analyzes
an individuals credit history considering factors
you,ve had credit.
Types of credit.
Negative credit information
such as bankruptcies, charge-offs, collections,
It is of course understood by
many consumers that a good credit history, gets
the lowest rates when shopping for a residential
home mortgage loan or refinancing. Individuals with
bad credit, those with too much debt or a bad repayment
history, will either be denied or have to pay higher
costs and rates for their loan.
Credit reporting is vital in
borrowing and acquiring a loan. The most important
step to taking these steps is to first focus on
your credit rating and make sure that you are credit-worthy.
Providing a history of paying bills on time, raises
points with lenders. Scoring high in a mortgage
lender’s eyes, is paying down outstanding bills
and increasing the equity in your home.
Shop for a lower mortgage rate, refinance, and lower
your monthly payments for a higher credit rating.
When cashing out pay-off bills. Or invest by opening
a money market account and saving for your future.
Lenders will fight for your business once you demonstrate
a positive credit history. Its never too late to