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What Is My Credit Score And Why Should I Care About It?

Jan 15, 2008
There are many people in America that don't understand what a credit score is and what it is used for. If you are one of these people, read on! Credit scores determine your credit worthiness. If you ever want a loan or line of credit, you should be asking yourself, "What is my credit score?"

Do find out whether your credit score puts you in good or bad standing, you'll need to do a little research. You can be in one of two basic categories. The category you don't want to be in is where you're in bad standing. In this situation, you could have a hard time getting a loan to buy a new car or a new home.

This is why it is so important for you to keep track of your credit score.

Before any company decides to give you a line of credit, they will look at your credit score. It is your credit score that determines what sort of buying power you can have. That is why asking, "What is my credit score?" is so essential.

You may discover that you've been placed on the "grey list" and that your credit is in not-so-good shape, but there's still hope. What does it mean, then? Just that you are a potential risk because you defaulted in a few payments. It could take a year or more, but you can fix this situation with consecutive payments.

You don't want your credit score to be so bad that you wind up on the black list. When that happens, you're not eligible for any kind of credit anywhere in the world-- for five years! So it is extremely important to review your credit score each year. You're right to wonder about your credit score!

But how do you get your credit report? Credit reporting agencies issue them free of charge once a year. To better understand what your credit score is and how it works, you can also take advantage of the many accounts and knowledge of financial advisors. Another way they can help you maintain a good score is by giving you great tips.

So, that's why the most important question you can ask when it comes to your financial well-being is, 'What is my credit score?'
About the Author
Bewildered by What is a Good Credit Score? or how to increase your Credit Score Ratings ? Visit How to Build Credit and get your answers today.
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