Good Credit

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Having a good credit usually means that your credit score fell in between 700 and 750. It is a good things. Might be a great thing depending on how lenders feel about having a “good” score. What this means is that, generally, different lenders will look at scores in a different way. What may be good to some, may not be so good to others. At the same time that “good” credit might be viewed only as “fair” to certain Lenders. It is usually not something set in stone.

If you have managed to maintain a good credit, it means that you are on top of your financial situation. You have paid your bills on time, and paid off debt and other financing you’d been liable for.
Keeping a good credit is extremely important when aiming for Lenders or aiming to acquire credit from a financial institution. Especially when purchasing a major product. You would then be able to, for example, get a loan at a lower than average interest rate.

Missing a payment, or paying your bill late (or even going over your credit card limit) will have negative impact on your credit. good credit car loans and financingAny type of credit that you might have can compromise your credit score unless you pay everything in time. It can directly impact your credit score/rating.
According to the law, credit scores can never take into consideration your color, age, salary, occupation, race, marital status, origin of nationality or religion. Some lenders might take into consideration how long you have been employed at the same institution. And also how long you have lived in the same place at one period of time. Again, different lenders have different tactics when it comes to qualifying you for a loan or credit card. Again, keeping track of your financial status, and making sure you are in good terms with your debts will keep you on a lender’s good side.

Having a good credit score/rating will help you when it comes time to apply for a loan (to purchase a home, car, etc). It will also help you when it comes to interest rates. Your good credit will be responsible for you paying less over time for the money you borrowed.

Let’s say you buy, for example, a car, and you take on a loan for 40,000 dollars. If you have bad credit, then you could end up paying a whole lot more than that same amount. It all depends on how a Lender will position your credit rating.

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