![]() ![]() The higher your credit score, usually it means a lower interest rate however it does not guarantee you'll get approved.Ĭredit scores are important, because they determine whether you qualify for getting a credit card, an education loan, a house or car loan, or a business loan. This will help them determine the type of loan you qualify for and the rate of interest you have to pay. It helps them infer the possibility of you paying back the debt, and this is based on your credit history. For instance, when you apply for credit, the lender will check your credit score. As long as you compare different companies, know the potential risks, and do your research, the advantages can outweigh the disadvantages.Ĭredit scores are vital parts of the financial life of a person.
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