Your credit history reflects your financial behavior. Lenders use your credit history to make a decision on whether or not to give you credit. Your financial life in Colorado is influenced by your credit report, thus you need to be mindful of it. Find out here.
Your credit history begins right from your first borrowing of money or application for credit . Full detail of your past financial activities such as when and how much you borrowed and repaid, any late payments (typically 30+ days overdue) and even bankruptcy information are contained in your credit history. Your credit history indicates your ‘credit worthiness’. Major lenders including credit card companies, banks, auto loan companies and mortgage companies use this information in deciding whether or not to lend you money and at what interest rate if so.
One of the main tools for lenders to determine how much to lend you and at what interest rate is your credit report. It summarizes all the descriptive information from your credit history. Your credit worthiness is a score or rating that is commonly enclosed with your credit report. Three major credit bureaus (TransUnion, Experian, Equifax) generate the credit reports. They assign FICO scores between 300-900 using the FICO model.
Get your credit score at Quizzle.
Your credit worthiness plays a significant role in your life in CO. Good credit is a determining part of everything from having a credit card or qualifying for a mortgage. Awareness of your credit history and credit worthiness is very valuable.