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Credit Score A credit score is a number assigned to a person that indicates to lenders their capacity to repay a loan. If you don't know what yours is you can obtain it many different ways. If your in the USA the major credit bureaus are Experian, TransUnion, and Equifax. It will cost you money to find out your score. As well just a heads up for anyone shopping around for loans at various lenders; every place you go they will do a credit check. Every time you apply for a credit card they will do a credit check. Every time that happens your credit score get worse, so when you are shopping around before you do anything tell them that you are just shopping around, and you don't want them to pull your credit score. I can't stress this enough, its just make your score go down hill over absolutly nothing. This score can have a large impact on ones life if made the wrong decisions with a credit card, morgage, boat loan, car loan, even cell phones. Once you end up with bad credit, it takes years to get it back to where you can have freedom with lenders. But its not the end of the world, their are still things out their to help. Their are many lenders who offer bad credit loans, the interest may be a lot higher, due to the lenders "risk" in having you as their client. |
