Although only approximately one in eight Americans know their credit score, this might be costing you. Most people make daily financial decisions without fully realizing the impact they could have on their future or how much more difficult these will become if one does not act now to better manage themselves financially for when it is time to get serious about buying houses or cars with cash instead using loans which come at an interest rate much higher than even those available from personal banks accounts...
What Is a Credit Score?
A credit score is a three-digit figure that shows lenders your creditworthiness and greatly affects the availability and pricing of products and services.
why is it important to have a good credit score?
Many factors call for a good credit score. It calculates your eligibility for a loan and the interest rate your card debt will be charged with.
Your electricity costs and rent may also be impacted. Should your score be poor, it might be challenging to find a job or even rent an apartment.
How Do I Build a Positive Credit History?
- One advantage of credit cards is that applying for one might assist in establishing your credit record. This is thus because, upon approval for a new card, that account is recorded to one or more of the main bureaus under your name.
- Having a mortgage or vehicle loan can also boost your score.
- Another approach to start raising your score is establishing a checking account under your name. Your bank will record the activities of the account to one of the three main bureaus handling your financial situation.
- Building a good history depends on progressively over time going through this procedure.
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