When you want to apply for credit in Washington DC, financial institutions consider your credit history. You must take note of your credit report and best of all, you can get it for free.
Right when you first borrow money or apply for credit, your credit history begins. When and how much money you borrowed and repaid, late payments (commonly 30+days overdue) and even past bankruptcies are some of the information recorded in your credit history. Your ‘credit worthiness’ is determined from your credit history. Major lenders including credit card companies, banks, auto loan companies, and mortgage companies all use your credit history in deciding whether or not to give you credit and at what interest rate if so.
Thorough details of your past financial transactions are contained in your credit history, but then this information is condensed into your credit report. Your credit report has an effect on lenders by determining how much is lent to you and at what interest rate. Your credit worthiness is indicated by a credit score or rating, which usually come with your credit report. Three major credit bureaus (TransUnion, Experian and Equifax) generate these credit reports. FICO scores between 300-900 are given to each person.
Find your score at Quizzle.
Many aspects of your life may be impacted by your credit in DC. Anything from applying for a credit card to being eligible for a mortgage, your credit history and credit worthiness is considered. Good credit is necessary for receiving loans considering it lets lenders decide if you should be approved for credit or not.