How credit score affect my chances of getting credit and what all things are consider

Discussion in 'Growing and Managing a Business' started by perfectionj, Jun 7, 2012.

  1. perfectionj

    perfectionj
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    I do not have much knowledge about credit scores but I have heard that any score below 700 is bad. Is that true?

    How credit score affect my chances of getting credit and what all things are considered in score?
     
    #1 perfectionj, Jun 7, 2012
    Last edited by a moderator: Jun 7, 2012
  2. gogreenbusiness

    gogreenbusiness
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    Your credit scores reflects your credibility and if your are really person worthy of trust. Credit companies usually looks for your credit background such how reliable your source of income could be, if your paying your credit cards or other bills on time and stuffs like that.
     
  3. qasexperian

    qasexperian
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    I wouldn't say anything below 700 is necessarily bad. It's just not great. You can still qualify for a home with a score under 700, but you just won't get the best rate possible.
     
  4. Jerlene

    Jerlene
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    You can have a score of 550 and up and be considered for a loan. Anything below that, you'll be lucky if they even entertain your application. 700 is a really good credit score and 800 is perfect.
     
  5. creditreport

    creditreport
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    Lenders use credit score to determine whether or not to extend credit to you, and what the interest rate and terms of the credit or loan are. Lower the score, less likely you will be approved for loans. If you are approved, you may have to pay a high interest rate.
     
  6. patrick0001

    patrick0001
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    2 thing, either they reject the loan application; or they approve the loan with additional terms and condition. e.g. require guarantor or loan with high interest rate, or reduce loan amount.
     
  7. Mark T

    Mark T
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