May 26 2016 18839 1

Dated: 05/26/2016

Views: 156

Pay attend to  your credit report.

Your credit report shows information about how you have used credit, such as how much credit you have, how much of youravailable credit you are using, whether you have made your payments on time, and whether anyone has sent a loan you oweto a debt collector.A credit score is a number that is used to predict how likely you are to pay back a loan. Your credit score starts with theinformation about you from your credit report. A mathematical prediction formula is applied to this information about youfrom your credit report. That prediction formula, which is called a scoring model, creates a number which is your credit score.You probably have numerous credit scores.Credit scores are used by companies to make decisions such as whether to approve a mortgage at a certain rate or issue acredit card. Different lenders use different scoring formulas so your score can vary from lender to lender. Usually a higher scoremakes it easier to qualify for a loan and means a better rate of interest. Most scores range from 300-850, although there is onescoring method that uses a range from 501-990.To get and keep a good credit score –• Pay all your loans on time.• Make sure information in your credit report is correct.• Don’t use too much of the credit that is available to you.

Learn more about  about your credit from:

CONSUMER FINANCIAL PROTECTION BUREAU WWW.CONSUMERFINANCE.GOV

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