Your Credit Score determines the amount of loan you can apply for. Your credit score is a matter of concern for any lender offering you his money. A person with bad credit applying for loan can be compared to a fish in the middle of a desert. Credit score is a three-digit figure, which reflects your past collisions with debts loan providers.
Credit rating agencies calculate your credit score. Few of the credit rating agencies are Equifax, Experian, and Transunion. They prepare a complete report of your debts and payments. You can log on to their websites to get your credit report, which contains the information which a lender looks for. Following are the things, which constitute your credit score according to the percentage of importance they are holding in your credit score:
Payment history 35%
Amounts owned 30%
Length of the credit history 15%
New credit 10%
Types of credit used 10%
Loan lenders look for your credit score whenever you apply for a loan. As they are offering you their funds for your benefit, they also need some assurance that you will repay their money. Your credit score is that assurance they are looking...
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