123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

How To Determine Your Credit Rating

Profile Picture
By Author: Michael Strauss
Total Articles: 434
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Do you know your credit score? It's the three-digit number that tells lenders whether or not you're a good candidate for credit. Your number can range from 300 to 800. If you've made payments on time and haven't maxed out your credit cards, your credit score will be near the higher end. If, on the other hand, you've got delinquent or defaulted accounts or a large amount of debt, your score will be lower. 700 is the minimum credit score required to qualify for low-interest mortgages and other hard-to-get services.

If you've been declined for credit, you're entitled to a free copy of your credit report. You can also request one free copy per year. But you won't find your credit score listed there. This might have you wondering, "How can I find out my credit rating?"

A simple Internet search for "credit score" or "credit rating" will turn up thousands of web sites where you can go to obtain your credit score. These sites charge varying amounts for this service, so be sure to shop around before selecting one. Some will require you to participate in a trial period for a credit monitoring service. If you don't want ...
... to subscribe, look for another site that will give you your credit score with no strings attached.

The three major credit bureaus, Experian, Equifax and TransUnion, will provide your credit score for a small fee. The usual charge is $7-8.00. Contact these bureaus by mail or through their web sites: www.experian.com, www.equifax.com, and www.transunion.com, respectively. When you order online, you will receive your credit rating in minutes. It could take weeks or months to receive your credit score through the mail.

Credit bureaus and 90% of banks use your FICO score to determine your credit rating. FICO stands for Fair Isaac Corporation. You can go directly to www.myfico.com and order copies of your credit rating from all the major credit bureaus. This bundle costs $47.85.

Your credit score is your financial history neatly summed up in three digits. It allows lenders to tell at a glance whether you're a risky borrower or a safe bet. Instead of wondering whether you'll qualify for your next home or car loan, take action. Go online and get a copy of your credit rating. Then you'll know for sure how lenders will view your application. If your score turns out to be lower than you'd hoped, take heart; once you know the number you're working with, you can take steps to raise it.

About the author: Michael writes for http://www.cardsense.co.uk/ where you can read more credit related artticles such as http://www.cardsense.co.uk/credit-card-winners-losers.html

Total Views: 218Word Count: 432See All articles From Author

Add Comment

Investing / Finance Articles

1. Setting Up Your Company In Ireland: Key Considerations For Successful Formation
Author: LSC and Partners - Corporate Tax Consultancy LSC

2. Mortgage Lenders edmonton – How Are They Going To Help You
Author: Dominion Lending Centres Ratefair

3. Why Managing An Smsf In Perth Can Maximize Your Retirement Potential?
Author: Daniel Stewart

4. The Future Of Cryptocurrencies: A Look Ahead
Author: Ethan

5. Unlocking The Power Of Biodiversity In Data Solutions & Rating Services
Author: By Inrate Team

6. The Role Of Chartered Tax Advisors: Ensuring Compliance And Maximizing Benefits
Author: Business Tax & Money House

7. Innovative Accounting Solutions For Modern Businesses
Author: Business Tax & Money House

8. Can Someone With Bad Credit Still Get A Short Term Loan Online?
Author: Jockey Ferguson is a financial adviser of Fast Pay

9. How To Manage Cash Flow For Online Retailers
Author: Thomas Edward

10. A Detailed Guide Set Up A Company In Ireland
Author: LSC and Partners - Corporate Tax Consultancy LSC

11. Rupay Credit Cards: Your Ticket To Exclusive Rewards And Benefits
Author: Priya

12. Top Upcoming Telegram Airdrops You Don’t Want To Miss!
Author: Cryptoreach

13. The Art Of Diversification - Building A Robust Portfolio For Long-term Stock Market Performance
Author: Broker Analysis

14. 10 Effective Strategies To Boost Real Estate Lead Generation In 2024
Author: Horizon Consultants

15. How To Choose The Best Financial Advisors In Indianapolis For Your Future
Author: Kurt Supe

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: