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Jul
31

How Does a Credit Score Get You to Your Dream Apartment?

By on Jul 31

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Understand a credit score to buyour credit score is a little three-digit number that has a big impact. It can determine whether or not you are able to purchase a the house of luxury apartment of your dreams, or car or get a credit card or even a job. It not only determines your eligibility for major purchases, but also sets the favorability of your lending terms. The better your score, the lower interest rates you may receive on things like auto loans or home mortgages.

Scores typically range from 300 to 850, and the higher your score, the better. Your scores come from the credit reporting agencies, and there are three major ones (Equifax, Transunion and Experian). They receive information from your lenders and compile that information into your

credit report. Your score is a numerical representation of that information and lets lenders know how much of a risk an individual may be when it comes to lending; i.e., what is the chance that you will pay your bills. You can see what it is in your credit report for free — everyone is entitled to one free credit report from each of the three major credit agencies each year, so you can check your credit report three times per year. When you do, you can also view your credit score for an additional small fee.

Get more credit score information in the Equifax Finance blog article, “

How Your Credit Score is Calculated.” While on the Equifax Finance blog, you can also find lots of helpful articles on personal finance topics, from credit to insurance to retirement to identity protection and more.

Categories : General Info

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