What benefit does a good credit rating give me?

Question

What benefit does a good credit rating give me?

Answer 1

A good credit score from a credit rating agency will allow you to qualify for lower-cost mortgages.

Answer 2

u kan buyy n hasz mor stuff wiht it

Answer 3

usually better deals on loans and morgages

and maybe a higher credit line....

Answer 4

Geeze Gary why didn't you ask all your questions in 1 or 2 sessions?

1 What benefit does a good credit rating give me?

2Do credit agencies use the same measurement?

3 What do credit agencies do?

4Find me a credit rating agency?

5 What is a credit rating agency?

6 How is my credit scored determined?

7 How can I improve my credit score?

8 How do lenders use my credit score?

9 Will my credit score affect my loan?

10 What is a credit score?

1 - A good credit rating gives you the benefit of attracting the best interest rates and/or loan features

2- Credit agencies use the same basis for the scoring method some just use different values

3 - Credit agencies use the information provided to them by your creditors to determine your credit worthiness made up of (account history, usage, repayment history, etc...)

4 - There are 3 major bureaus in North America ....Equifax, Experian, Transunion....there are other international offices.

5 - See #3

6- The number and type of accounts your have (ie credit cards, installment, etc they look at the length of time you've held the account, how much of the limit you use and how well you've re-paid the balance to determine your score

7 - Minimizing your credit card use to less than 25% of the limit, always paying your bills on time and not applying for a lot of credit...just 1 or 2 cards not 10 like some people

8 - See #1

9 - Your credit score can affect your loan if you need to re-finance at the time that you do it, you want your score to be as high as possible so that you get the best interate rate/terms

10 - See # 3