Your Credit History
Credit history is your profile of borrowing and repaying money. It often contains detailed information, comprising of when and how much you borrowed and repaid, late payment details (typically when 30+ days overdue) and if you have ever gone bankrupt before. All major lenders (such as credit card companies, banks, auto loan companies, mortgage companies) determine your ‘credit worthiness’ by looking at your credit history – which is for the most part what they think of you as a borrower. It determines whether or not they will give you credit. The lenders’ interest rates are also dependent upon your credit history.
Keep Informed of Your Credit Report
Your credit history contains very detailed information. Your credit history is summed up into a
credit report so lenders can figure out how much to lend you and at what interest rate. A credit score or rating usually accompanies your credit report, which denotes your credit worthiness. Three credit bureaus create credit reports – TransUnion, Experian and Equifax. These credit bureaus use the FICO model to calculate FICO scores between 300-900.
Know What OK Companies Think of Your Credit
It is critical to understand your credit history and credit worthiness. Your credit worthiness significantly influences the quality of life you can sustain as a resident of OK. Not every expense can be paid with cash, and when it comes to getting loans having a good credit is beneficial. Your credit rating affects everything from having a credit card to qualifying for a mortgage.