Interested in improving your credit score, {{contact.first_name}}?
Aren’t we all…
Having a positive credit score enables one to easily borrow money for your new home, car, business, or whatever else you may be after.
But, before we dive into the details of credit repair, let's start with the basics.
What is credit?
Credit refers to borrowing money from a lender on the understanding that you can pay it back.
The extent to which one can be trusted to pay back one’s loan is described as having ‘good credit.’
In the past, lenders would judge your credit based on personal reputation – a process subject to discriminatory thinking.
Nowadays, however, your credit is determined by a number of tangible factors, which are compiled by the three big credit bureaus – Experian, TransUnion and Equifax.
These credit bureaus will consider the following when determining your ability to pay back a loan:
- The number of credit cards you have, their limits, and their current outstanding balances
- The amount of loans you have received, and the amount you have paid back
- Whether you are paying back your monthly debts on time
- Other financial setbacks such as mortgages foreclosures, car repossessions, and bankruptcies
Through these and other variables, the major bureaus generate a three digit number known as your ‘credit score.’
Anything between 300-649 is considered a bad credit score.
650-700 is considered fair.
700-749 is good.
And 750+ is considered excellent.
Now that you are aware of what credit is, we’d be more than happy to help you find ways to improve yours – just reply to this email or give us a call for more information :)
