Your Credit Score Hilo HI
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Your Credit Score
Many consumers today don't understand the importance of personal credit scores and how it affects their everyday lives. Some are not aware that credit scores exist, or that credit scores are readily available and accessible online.
Your credit score can determine what you pay for auto financing and leasing, credit cards, mortgages, and insurance. It can even affect whether or not you get a job or rent an apartment.
Currently, the loan and mortgage market has tightened up significantly. Buyers with poor credit who could easily get a new car loan or new home mortgage a few months ago are now being turned away. Many car dealers are turning away customers with less than a 700 credit score. It has become more important than ever to have good credit.
Many poor credit scores result from errors or outdated information about you in your credit history reports. Negative information can remain in your report for seven years, bankruptcies for ten years. You should always work to improve your score and repair your report if you find errors.
What is a credit score?
A credit score, called FICO score, is a mathematical way of condensing all the information in your credit history down to a single number that represents your credit worthiness and loan risk. This way, lenders don't have to sort through your entire detailed credit history report. One number says it all. Credit scores range from 300-850.
This single number has an incredible influence on ...