According to credit score agencies, a credit score is a number that lenders often use to help them decide whether to approve loan or not.
The lenders basically think that If they give to somebody some loan or credit card, how likely is it to get paid back the loan on time. In order to decide on applicant’s potential when it comes to repayment, they fundamentally go through credit score reports of a person.
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The information from the applicant’s credit reports is used to create credit score. The credit score will always be a key ingredient for low interest rates when qualifying for a mortgage or home equity loan.
Before getting a line of credit, it is suggested to get a free credit report from each of the three major credit reporting agencies: Experian, Equifax, and TransUnion.
Under the federal law in US, each persona is entitled to get one report every year. People can order online at annualcreditreport.com.
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Then, by following the steps addressed below, an applicant can establish credit and build the credit score:
1. By establishing scrutiny and savings accounts and, keep and maintain them correctly.
2. By piggybacking on someone else’s good credit by being added to a credit card as an “authorized” (joint) user.
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3. By getting someone to co-sign a loan for you (e.g., financing a car, or other secured loan) and make your payments on time.
4. By applying for academic loans and make your payments on time.
5. By applying for a credit card or a secured card. But then, make sure the issuer reports to all three credit report agencies. If not, the card won’t help you build your credit.
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6. By applying for one gas card and one department store card to add to your credit mix.
7. By using your credit cards regularly, but wisely. Make all payments on time because the two most important factors in your score are whether you pay your bills on time and how much of your available credit you actually use.
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Establishing and maintaining good credit will make buying a home a lot easier for anybody. You’d be able to get a good fixed rate loan instead of having to settle for a variable rate subprime loan.
It will also help for times you may need a home equity line of credit for home improvements or a home equity loan for debt consolidation, including paying off student loans.
Disclaimer
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.
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