One of the benefits for working with JE Financial is that we educate our clients about how to restore, build and main an outstanding credit score. Our clients get a lifetime knowledge that they will utilize for the foreseeable future. If you really want to change your credit life, contact us today. We stand by ready to help!
1. WHAT IS A CREDIT SCORE AND HOW IS IT CALCULATED?
A credit score rating is a number that mirrors the data in your credit report. The score sums up your financial record and assists banks with foreseeing how logical it is that you will repay a loan and make installments when they are expected. Moneylenders utilize credit score when deciding whether to give credit, at what term and what interest rate.
2. INFORMATION USED TO CALCULATE YOUR CREDIT SCORE INCLUDE:
• The number and kind of records you have (credit cards, car advances, contracts, mortgage and so on);
• Whether you take care of your bills on time;
• Available credit you have at present ;
• Whether you have any activities against you;
• Your outstanding debt; and
• The age of your records
3. WHAT CAN CAUSE MY CREDIT SCORE TO CHANGE?
Since your credit score mirrors the data in your credit report, any activities cause your credit score to change. Your score might go up or down depending on what kind of activities you add to your credit portfolio. For example, assuming you cover your bills late or cause more obligation, your credit score might be negatively impacted. And assuming that you pay down an outstanding balance on a credit card, mortgage and contract, your credit score might go up.
4. HOW CAN I GET MY CREDIT SCORE?
When you apply for credit, a lender may provide you with your credit score for free. If you apply for mortgage for example, the lender will provide you with the score that he pulled. There are also other paid for services that can help you keep track of your financial situation over time as long as you pay for the service. For example IdentityIQ.