Many lenders, such as banks and credit card companies use credit scores to evaluate the potential financial risk of giving a specific consumer a line of credit. A good credit score can mean lower interest rates or increased lines of credit.  Most lenders start with your FICO score, which is a numerical figure based on previous and ongoing credit transactions. There are many components that can shape the results of your score, but there are five major factors that make a big difference: Payment History Creditors want to see that you have a history of paying your bills on time.  Late payments will cause a score to drop considerably. In the ...
Read More...