Your credit score is the first thing potential creditors look at. Your credit score directly affects the credit cards and loans you apply for now and in the future. If your credit score is not high enough, especially today with credit standards at their tightest, you may not qualify for the credit card or loan you are applying for. Currently, you can be charged a higher rate of interest if your credit score goes down. Laws are changing in February 2010 to curb credit card company practices like this. The better your credit score the easier it is for you to obtain a loan or credit card. A good credit score can also affect everything from your insurance premiums, utility deposits, and renting an apartment.
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