When you are applying for credit in Wisconsin, financial institutions consider your credit history. Taking note of your credit report is always a good idea and best of all, it’s free once per year.
Your credit history begins right when you first borrow money or apply for credit. When and how much money you borrowed and repaid, late payments (generally 30+days overdue) and even past bankruptcies are some of the information stored 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.
Full details of your past financial transactions are contained in your credit history, but then this information is summed up into your credit report. Lenders use it as a tool to decide how much to lend to you and what interest rate to charge. A credit score or rating usually comes alongside your credit report, which indicates your credit worthiness. Three major credit bureaus (TransUnion, Experian and Equifax) are responsible for providing these credit reports. They give FICO scores between 300-900.
Quizzle can help you check your score.
Your credit may influence many of your life decisions in WI. Financial matters from applying for a credit card to qualifying for a mortgage involves your credit history and credit worthiness being assessed. Lenders decide if you should be authorized for credit or not by looking at your credit. Good credit is crucial.