For those with poor credit it can be difficult to be approved for new forms of credit. It can feel like you are trying to get out from under a mountain when you try to re-establish yourself in the credit world. However getting new credit is an important element of rebuilding a credit score that [...]
When you apply for any type of credit a potential lender will check to see what your credit score is. The better it is the more likely you will be approved for the credit you are seeking. The worse it is the more likely it is you will be turned down. What exactly is a credit score?
A credit score is a number found in your credit report that gives an indication to creditors and lenders about how you handle debt and the likelihood that you will pay back the debt in a timely fashion. Your credit score is based upon the borrowing behavior that you have exhibited in the past. A high score makes you look more favorable in the eyes of a prospective borrower than does a low score. If your past borrowing habits demonstrate that you are responsible with your use of credit and pay your bills as you are supposed to then you are more likely to receive the green light for credit.
Your credit score is used every time you apply for credit. When you apply for a credit card or a line of credit at your bank it is looked at. When you apply for a loan to purchase a car or a home it is looked at. When you wish to obtain a business loan to start a company or expand your current business it is looked at. The same can be said if you wish to obtain a loan to attend college.
Below we have listed some resources to help you find more detailed information for your needs.