If you’re like many people, you may not know exactly what a credit score is or understand how it affects you. Does this description apply to you? Then this article is for you! Your credit worthiness is determined by your credit scores. “What is my credit score?” is an important question you should ask yourself if you want a line of credit or a loan.
By doing a bit of research, you can discover where you stand when it comes to your credit score.You can find out which of two categories you fall under. If you’re in the “bad” category, you won’t have an easy time getting a loan so that you can purchase a new car or a new home.
This is why it is so important for you to keep track of your credit score.
Your credit score is one of the first things any company will look at before they give you a line of credit. Your buying power and buying future is largely determined by the state of your credit score. So, it’s absolutely essential to ask yourself “What is my credit score?”
You may discover that you’ve been placed on the “grey list” and that your credit is in not-so-good shape, but there’s still hope. What does it mean, then? Just that you are a potential risk because you defaulted in a few payments. It could take a year or more, but you can fix this situation with consecutive payments.
But what if you’re in the black list due to your credit score being so poor? Then for the next five years, you won’t be able to get credit of any sort in any part of the world. That’s why you are absolutely right to be curious about your credit score. It’s important to review it yearly.
You can obtain your credit report free of charge once a year from each the credit reporting agencies. There are also many accounts and financial advisors that can help you better understand your credit score and how it functions. You can pick up some really good advice that will help you raise your credit score.
So, that’s why the most important question you can ask when it comes to your financial well-being is, ‘What is my credit score?