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More about Credit Score

When we calculate your credit score, we basically make use of a standard rating system that has a score range of 300-850 points. The higher your score the better position you are in.

 

It speaks well about your financial condition and proves that you might prove to be a lesser credit risk and that giving a loan to you should expect lesser risks. It means that the chances of you paying your loan back smoothly are higher, and so when the need arise money lenders, banks and other finance firms will be more than willing to lend you money.

 

This invariably puts you in a commanding position, where you can to choose the firm with the lowest rate of interest as your money lending option rather than having it the other way around.

CREDIT SCORE AND EVERYTHING AROUND IT

Credit score is one term that is almost always used in sync with loans. We have always heard about how things could ruin your credit score and why it is important to maintain a good credit score. But what is credit score all about?
Credit score is basically the score or a report that is requested by those who give you a loan. It is usually done to check how much risk is involved in a loan given to the person. Along with how soon can they expect to be paid back.
A credit score takes into account various factors including your income, pre-existing loans, delayed payments, missed EMIs, or any other financial transactions that could create an impression. It speaks about how you are doing avoid this scam financially and what are the chances that you will see the current loan through without any hassles.


More about Credit Score

When we calculate your credit score, we basically make use of a standard rating system that has a score range of 300-850 points. The higher your score the better position you are in. It speaks well about your financial condition and proves that you might prove to be a lesser credit risk and that giving a loan to you should expect lesser risks.
It means that the chances of you paying your loan back smoothly are higher, and so when the need arise money lenders, banks and other finance firms will be more than willing to lend you money.
This invariably puts you in a commanding position, where you can to choose the firm with the lowest rate of interest as your money lending option rather than having it the other way around.

 


It is also better to be in possession of your credit score.


We understand that a credit score is a constantly changing factor, but it is best to be in possession of your own credit score.
From our end we take into account almost all factors that matter and try to come up with an accurate credit score which usually cannot be changed. However, in case there may be incorrect information anywhere on your financial papers that may have caused a poor reflection on the credit score. The same can be changed and improved. For which it is important to approach us and take a copy of your credit score.


Are there any factors based on which a credit score is calculated?


Yes, there is a standard model based on which your credit history and other details are evaluated. The main things that are taken into consideration while calculating your credit score are
The total debt you have, including any students loan, car loans etc
The various types of accounts you have
The number of times you made a late payment or missed payment of a pre-existing loan
And how old these accounts are
Other than that, your current source of income is taken into consideration to evaluate if you are in a position to handle all the loans together or not.
If you think it is fine to have missed a payment or delayed, be rest assured all of that will reflect poorly on your overall credit score.

 

Anyway to improve your credit score

While the model used to calculate the score is standard, there are two main types of credit scores. Generic Credit Score: This credits score that has an in-general evaluation. It is the kind of score that you will find at all credit score agencies. Most money lenders and finance firms make use of this style of credit score. Customised credit score: When a money lender requests a credit score that is customised. It is used in case of specific type of money lending or for a particular type of business. Anyway to improve your credit score We calculate your credit score on the basis of your credit history, so what is done cannot be undone but following are a few tips to improve your credit score for future: Pay your bills well in time. It may seem petty, but plays a vital role Avoid having huge credit card bills. It is best when you keep the credit bill on the lower side, as a high outstanding bill is never a good sign.

Avoid making unnecessary accounts: Do it only when required. Having a mixed credit score will not help improve your overall credit score. Try paying off debts little by little instead of moving them around. As the final payable amount will still remain. This way you can slowly and steadily improve your credit score. We believe, in a range of 300-850 credit score points, it is best to have a score that is anything above 750. Though the average scores do range around650-750. Having a score lesser than that makes you appear like a liability and puts you on the back foot.

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