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A credit report is basically a consolidated account of your previous borrowings and repayments. Each time you borrow, pay or delay, it will be reflected in your credit report. Money lenders use it to assess how likely you are to pay back any money lent to you.
Credit reports work through issuing a credit score. They will compute your borrowings and repayments against the time taken to repay and come up with a score of between 300 and 850.
The higher your score, the better it is for you. It means that you are more likely to be offered a credit card, a loan or a mortgage. If your score is low, it means that your application for borrowing has a high chance of being rejected.
If you have a credit score of over 700, you are in excellent credit health. If you are below 600, then you need to improve your credit health by paying your debts off.
Now, lets look in more detail at some of the reasons why it’s important to have a good credit score…
– Once you have gotten yourself a good credit score, it means easy access to more finances. This can be a car, an apartment, or even just a simple bank loan for your business. Today, it’s almost impossible to get a mortgage if you don’t have a good credit score.
– If your credit score is above average, you’re considered to be a reliable person who promptly takes care of their debt. This encourages vendors to give you better deals. You may find yourself getting healthy discounts and longer repayment periods.
– When applying for a job, most employers will run a credit check on you. Applicants with the best credit scores are in an advantageous position, as they are seen as being more honest and reliable.
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