Credit Score – What does it mean?

A credit score is not the same as a credit rating or history. All three factors have to be considered by lenders assessing an individual's loan application and suitability for a loan. Credit companies require information from potential borrowers to determine a credit score and rating. Â The credit score is used by lenders when deciding about lending money for long or short term loans. Â From...

Continue Reading

The importance of your credit score

An individual’s credit score is an indicator of the credit-worthiness and ability to meet loan repayments.  Lenders depend on credit reference agencies to provide a credit history and score for loan applicants for the purpose of evaluating whether to approve or decline a loan application. Depending on what the loan is needed for, having a loan application refused may present an individual...

Continue Reading

How to improve your credit rating

The credit rating is a cumulative score reflecting a person's financial health and ability to repay debts. Â Applications for loans may be declined based on an individual's credit rating, making it harder to meet home or business expenses. The higher the individual's credit score, the more likely lenders or creditors are to approve lending, such as for a short term loan. Â Each person's...

Continue Reading