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Credit Score

 

Everyone gives so much importance to your credit score? Firstly, we should know that what is a credit score? And secondly how it is determined.

 

Basically, your credit score is dependent on many factors such as your credit and the amount of money that you have loaned out for yourself. When your credit score is calculated, every item is passed through a system where points are awarded to you or deducted from your score based on the status of the terms .The question that may be coming into your mind is how they anaylise that where to deduct the points and where to award the points. the system uses a simple formula for this ,like take an example for when points are awarded if you have loaned a specific amount and you are paying the monthly  installements on time then you will be awarded points. And ,if you are late on payments, and have many credit cards close to maximum the the points will be deducted from your credit score.

 

The system then evaluates your credit score from awarded points and deducted points to come to final total. This score can range from 330 to lower 800’s.Then this credit score is a benchmark for you to your lenders to know that can you make the payments on time.

 

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In the end I would like to suggest all of you is that credit score is a big influence on any mortgage term that you can qualify for.So, that is why you should try to clean up your credit score with best of your abilities. By this I mean that paying back the loans on time ,and try to close all the credit cards that are not too much necessary in your financial situation.

 

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