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There is a relationship between credit rating and credit repair. If your credit rating is 600 or below, credit repair is needed so you will always be in good standing. But what is a credit rating? This is an indicator that tells creditors if you are credit worthy. A simple way of doing this is to encode certain things about you in the computer and within seconds, they will see the results appear on their screen. Credit rating ranges from 350 to 850 and as mentioned earlier, a score of 600 or below is bad because if you apply for a loan, you will be paying higher interest rates compared to someone who has a good rating of 700 or above and this is usually based on 5 factors. First, the number of inquiries you have made in the past 2 years. Did you apply for a loan or a credit card? If you did and this was approved, then as long as you pay it on time, you will have a good credit rating. Second, what types of credit you actually have? If you have funds, then that is good. If you don’t, well don’t expect to have a high credit rating. Third, what is the length of your credit? People who have a line of credit for 5 years or more have a better credit rating compared to someone who just graduated from college. http://projectcreditrepair.com/ Credit Repair and Credit Rating
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Fourth, how much is your debt? It is okay to have debt once in a while as long as you are able to pay for it. If you don’t owe money to anyone, then good because this will be reflected on your high credit rating. Lastly, what is your payment history? This is somehow connected with your length of credit because this will show if you have been able to make payments on time. All these five factors are equally important. So you can see if you have any problems, get a credit report from one of the three crediting agencies namely Equifax, Experian, and Trans Union. One thing you might notice looking at the different reports is that they may not always reflect the same thing. When this happens, don’t be alarmed because each one uses a different set of protocols in coming up with those figures. If what the report says its true and you are in a lot of trouble, then steps have to be taken to initiate credit repair. You can do this by yourself or with the help of a counselor. Don’t expect that your loan application will be approved if you credit rating is not very good. Do something about it because credit repair is your only option. http://projectcreditrepair.com/ Credit Repair and Credit Rating (Continue…)