How Your Credit Score Determines The Size Of Your Bank Account
Every time you apply for any type of loan or you are issued credit or you pay any bill, it becomes a part of the equation that determines your credit rating.
The primary or big three credit agencies are: Experian, Equifax and Trans Union. The credit score they determine is what all major lenders and most companies use when deciding if they will lend you money or issue you credit and the terms that credit will have.
Your Credit Rating – What Does It Include?
All of your current debts are included when determining your credit rating. Basically, your credit rating is a history of all your debts, with special emphasis placed on anything that has gone wrong.
A few of the primary factors that determine your overall rating include: Late Payments – The number of times you’ve been 30, 60, 90 or more than 120 days late on any payment. This could include rent, mortgage, phone bills or any type of credit card. Defaulting (never paying) on a debt will clearly hurt your credit rating for a period of time. In some instances, up to 7 years but each company issuing credit has their...
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