Tuesday, March 16, 2010

Best Credit Score

The best credit score that a person can get will highly depend on where they are in their life. A college student is automatically not going to have the highest rating compared to a retired person, even if they are both wise with their finances. This is because the retired person has had more time to gain a good financial background. The best credit score that a person can get will be determined upon several factors. When looking at different people's ratings, anyone can see that each is different depending on the person. However, companies will still look and decide whether that rating meets the standard or not.

One of the factors leading up to getting the highest rating is how many things determine credit. If the consumer has a lot of charge cards and a house, and a car, he or she could have the best credit score. However, high ratings are also dependent on how well the consumer is at paying bills. If they have always paid bills on time, then they will most likely have the best credit scores. However, if they have even missed paying one bill on time, this can determine highly what kind of rating results.

A rating will also depend on what creditors will say about them. If the consumer has not had trouble with any creditors then the best credit score could result. When people are looking to rent or sell to someone, they will look at their best credit scores to determine the reliability of the borrower. This will help them decide if the borrower is likely to pay them back. Despite what the lender decides, the borrower should always keep the promise to pay a debt. "When thou vowest a vow unto God, defer not to pay it; for he hath no pleasure in fools: pay that which thou hast vowed" (Ecclesiastes 5:4).

Finally, consumers can get a copy of their financial report by logging online and visiting the website for a major credit bureau such as Experian. By law, each consumer can get one free copy of this report per year. However, the rating is not included. Many consumers purchase their ratings - hopefully, the best credit scores - from the bureaus in a subscription package or with the free report. Reviewing the report and rating is a good idea because the consumer can determine what things need to be corrected and what debts must be paid. One's financial rating can determine a lot of things in a borrower's life, especially in the area of lending. Therefore, it is important for each person to know what rating they have so it can be improved for future borrowing.

For more information: http://www.christianet.com/creditreports

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