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What is Credit?
The extension of Credit is when one party, business, or financial institution, agrees to provide money or resources to another party, usually an individual, with the understanding that the receiving party will not reimburse the first party immediately, but promises either to repay or return those resources in installments at a later date,
Why Should You Maintain A Good Credit Score?
Credit scores are one of the most significant components of your financial standing. Maintaining a favorable credit score, good to excellent, will give you credit score gives you access to loans, lower interest rates, auto loans and other large expenditures that are generally repaid over a predetermined period of time. Society continues to emerge as a digital society and is becoming more dependent on credit to make financial decisions. Your credit score can be used to determine your residence and ability to secure gainful employment.
What Is A Good Score?
Credit scores, often referred to as risk scores, range from 300 – 850. The numbers are listed by range as follows: Very Bad, Bad, Poor, Fair, Good, Very Good and Excellent. While the category names may vary by institution, the outcome will generally remain the same. These scores and ranges will be used as decision-making indicators that provide guidance to lenders and help them to anticipate the likelihood of repayment. Dependent on the type of credit -mortgage, auto, mobile phone services and utility company determines a good credit score for approval. It is recommended to acquire and maintain a credit score near or above 750, which is considered a Very Good credit score.
How Can I Improve My Score?
The secret is out, there are several key tips to improving your credit score. First, always pay your bills on time. Keep your accounts open and reporting positive on your credit report. Do not apply for any new credit accounts. Lastly, keep all utilization on existing credit cards to 30% or less. Given all these tips, here is how we can also help. Score Pros can assist you by contacting the credit bureaus on your behalf and ensuring that your report does not contain any outdated, obsolete, inaccurate, or erroneous information. Inaccurate information can damage your score. We will work together as team to correct, rebuild, and sustain your new credit profile. Improving your creditworthiness is our specialty.
