Do you know your credit score?
If you’ve heard the term ‘credit score’ but don’t know your own, it’s time to find out, because it’s one of the most vital parts in determining your financial health.
Many people think that a credit score only really matters when it comes to being approved for a loan or credit card, but it goes far beyond that. Judged on your past history, your credit score can follow you forever and can significantly impact your future options when it comes to financial institutions.
To help break down the basics of understanding how your credit score is determined, we’ve created this simple infographic.
How is your score calculated?
Your credit score can be affected by a range of factors, including:
Who looks at your credit score?
These are just some of the places:
Your credit score is important. Many lenders use it to understand your past credit profile
It has the ability to:
4 Facts on Defaults
Credit Scores by Numbers
Still unsure on how to find out your credit score rating? You can obtain it free from a credit reporting bureau. Find out yours now.
If you would like to discuss your personal credit score and it’s impact on your future borrowing, please contact one of our members from the Allan Hall Finance Team who would be more than happy to assist.