Once it may happen that you can find yourself in an urgent need for a big credit line. However on your way to obtain it you will inevitably meet with some problems. Let’s discuss some of them.
Credit score. I guess that you have seen sometimes a three digit number which is called credit score? And they say that the higher the number the better the creditor’s opinion. And if it’s lower than some margin then it’s much more difficult. Yes and it’s pure truth of our financial system. There is the so called Federal Trade Commission that issued Fair Credit Reporting Act. Due to this document there are some general rules that determine the way in which all history of your payments and debts is collecting in a special file by authorized credit bureaus. Like Equifax or TransUnion.
So, they collect history. But what is enclosed here that creates scoring? The answer is in the whole complexity of different indexes of data such as punctuality of past payments or the general length of your credit in time all these quite objective factors gives you some points.
Thus even if banks claim that you generally qualify, they can at least...
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