TransUnion recently reported that the number of American consumers taking out unsecured personal loans had jumped nearly 30 percent. This jump from 10.57 million in 2013 to 13.57 million in 2015 is dramatic. For those thinking of getting help with consolidating some bills or financing a major purchase, leverage the secret of savvy borrowers first. Paying advance attention to one’s credit score can make a major difference in getting the best interest rate and repayment terms.
Most lenders use a rating system from the Fair Isaac Corporation (FICO); the scale for the system ranges from 300 to 850. Here’s a general rule-of-thumb at how credit categories break down:
Contributing factors in determining a credit score include a person’s current debt, payment history and how long they have held any credit accounts. When they apply for a loan, the potential issuer uses a credit reporting agency to look up their credit score. The issuer does this in order to roughly determine how reliable the person will be in making payments on the loan. If that person’s credit falls into one of the lower categories listed above, they will likely have difficulty taking out a loan or will be offered a loan with less-than-favorable terms.
The good news is that there are steps people with a low credit score can take to repair their credit prior to taking out a loan. A higher credit score can help borrowers qualify for a lower loan rate and thus save hundreds – if not thousands – of dollars over the term of the loan.
If all of this sounds complicated and time-consuming, that is because it can be. But with BoostMyScore’s credit piggybacking services, you can effortlessly increase your credit score in 60 days or less – guaranteed. With over 12 years of experience in helping folks boost their score fast, we are ideally situated to help you take a big step in the right direction. Our friendly, knowledgeable team is ready to help, so if you are ready to improve your credit score, contact us today.