In some cases, it could also mean you can access more attractive interest rates and other loan terms. As a result, you may have a greater chance of being approved for a credit or loan product. Having a high credit score may mean you are seen as less of a risk to lenders. What does each credit score category mean? → You can check your credit score for free Where you sit on the credit score scale – that is, whether your credit score is considered ‘excellent’, ‘very good’, ‘good’, ‘average’ or ‘below average’ (or some variation of one of these) – may also differ depending on the provider calculating your score. Because they generally employ different methods of calculating the scores and use information from different sources, it’s not unusual for your credit score to vary across bureaus. Your score will typically be somewhere between zero to 1,000 or zero to 1,200, depending on which credit bureau you go through. Which one you fall into could have a big impact on how easy it will be for you to get credit or a loan.Įach credit score provider has its own way of calculating and categorising a consumer’s credit score – the number which represents how trustworthy you are as a borrower to lenders. When it comes to your credit score, are you ‘below average’, ‘good’, ‘very good’ or even ‘excellent’? These are just some of the categories or bands credit score companies may use to sort consumers.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |