How Credit Scores Are Calculated For Mortgage Purposes And How This Affects Offers On Mortgages By Lenders.
You may not even be aware that you have a credit score, but if youve ever applied for a mortgage, a car loan or even had utilities, such as gas or electricity connected to your home, its likely that your credit score has been checked.
A credit score is effectively a risk-assessment carried out by a lender to see what the likelihood is of you either paying or defaulting on your bills. It is a mathematical formula that compares your bill-paying history with the histories of millions of other people.
It will compare your debts, your credit history, the length of your credit history, new loans and anything else considered relevant. The resulting figure tells lender whether you have a good or bad credit score. If yours is good, you are likely to be accepted for certain offers on, for example, cars or get good rates of interest on loans.
If, however, you have a poor credit score, you will find it harder to qualify for certain offers and the interest rates you pay are likely to be higher. Basically, the higher your credit score the more desirable you...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
