What is a credit score?
A credit score is a number that shows how likely you are to repay your debts. A credit report shows the factors that led to your score (credit accounts, credit cards, loans, credit limits, account balances and payment history).
So, how can your credit score help you?
When your credit score is good, you have better interest rates, better/faster chance of approval for a loan, higher credit limits, better car insurance rates, easier approval for rental property, and you can even avoid security deposits on utilities.
If you have had a credit or financial meltdown, you may be avoiding credit altogether. However, this is one of the worst things you can do. You need to reestablish your credit to show the credit-scoring bureaus that you have changed how you manage your finances and are currently managing your credit in a responsible manner.
Are you concerned about your credit score?
Still worried about your credit?
Schedule a free consultation to learn more about credit repair and the steps you can take to make a difference to your credit score.