Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
Related Discussions
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Plan

Plan - Part of retiring without losing your current benefits and standard of living is due to planning for your retirement and starting early. Today the social security people...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Credit Score Check Online

There are three, important credit bureaus which record credit and financial activities of people. These bureaus get their data from the different lending companies, banks and other financial institutions. The bureaus prepare a credit report for each individual based on the information they gather. These reports form the basis for calculating a credit score which will tell the level of creditworthiness of a person by a single number. Credit score check online is done by all lending companies and also by employers and other establishments who are reviewing you as a potential customer.

It is also important that you do your own credit score check online, as you will know where you stand in your credit rating, and how different lending institutions perceive you as a customer or future potential customer. Credit scores are usually between 300 and 850, and higher the number, better is the credit worthiness.

A credit score check online will reveal a lot of information to a lender, although it is just a single number. Lot of factors have gone into the calculation of an individual's credit score like the type of credit he is enjoying and for how long, the payment history and outstanding amounts, the number of applications made in the past for loans, data on late payments, court cases, and bankruptcy filings. When all this factors are taken into consideration, the credit score becomes a powerful number that reveals many things about a person's finances and creditworthiness.

A good credit score will not only qualify you for getting the loans and mortgages you want, but will also lower your interest rate. While calculating the interest to be charged to a customer, the lender takes into account the level of risk involved in getting back his amount. When the lender finds a good score by a credit score check online, he will charge the potential customer a lower rate as he knows the risk involved is much less compared to a person having a lesser credit score.

A credit score check online is possible for free one time annually. It is always wise to do a credit score check online every year even if you are not planning to apply for any loans. You should always know your creditworthiness and the status of your credit rating. Your credit score will also reflect on the credit limit your credit card company sanctions for you. If there is any reduction in the limit and your credit score has not gone down you can always inquire with the company and ask for the reasons for such a reduction.

Discuss It!
Most Popular Articles
Most Popular Definitions
Related Questions
 
Daily Definition

Definition of the Day Buy and Write

Buy and Write - A buy and write is an investments technique where a call option that is written, in the form of a formal contract, on a financial security or asset at the same time it is purchased. A call option is a contract, ...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com