It can be very difficult to get approved with a bad credit score whether youre applying for a home loan, personal loan, car loan, business loan or any other type of loan. Therefore, its super crucial that you get the credit history into very good condition before using.
What exactly is a credit history?
A quick rundown on what a credit score actually is before we dive into what makes a credit score good or bad, first heres.
Fico scores in a nutshell:
Simply put, your credit score or score is a quantity between 0 and 1,000 (or 1,200 with respect to the credit scoring agency) thats on the basis of the different individual and economic information discovered in your credit history such as for instance whether you spend your bills on time, how frequently you pay them or if perhaps youve paid them at all.