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CREDIT SCORE
Why its important?
It determines wither your you'll be accepted for credit, loans or future mortgages extra. Lenders ( whos ever is giving you a line of credit) Look at this to judge wither you eligible or will give back the money your borrowing.
Why it effects your life?
This is similar to the first answer...when you apply for a phone finance, car finance, mortgages....credit card a check will be done on you. In some cases the APR for what ever your getting and or limit on credit is determined by this score and history.
Who holds this information?
Credit Bureau Agencies hold the information that determine your credit report and score.The main ones are Trans-union, Equifax and Experian. These are the people that lenders go to for your information or report.
What does it consist off?
Your score is a diary recording all your past history with credit. Payment History, Utilisation , New Credit, Length of it and Type of credit, time on the electoral , credit applications and active cards.
Simple Steps to Follow
1. Are you on the electoral roll?
2. Check if the information they have is correct and accurate on all agencies
3.payments on time
4.Utilise 30%< of credit i prefer 10%
5.Have different types of credit e.g unsecured,secured, revolving, Instalment and service credit
6.How long you account has been active for
7.New applications in a short period of time have to reduced
Bad TO GOOD
IMPROVE CREDIT
HIGH INTEREST
APR
LOW INTEREST
APR
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