With a good credit score, it becomes easy to get a loan. Not only that, you have to pay less interest rate, which makes everything easier for you. However, some people have a poor credit score that can make them pay more interest rate, and those are less reliable options also.
If you don’t know your credit score and want to get complete detail of it, then there are various methods which can come handy and fulfill your need. One can try out Veda check credit report and such other methods to get a complete report.
But, do you know that what is the major factor where the credit score depends? Well, this post will help you learn about it. The below given, are all the major factors that decide whether you have a good credit score or poor. Let’s check out all the important factors, so you care for them from now.
- History of your Payments
The first thing a bank will notice is the payment history because it will help them credit a credit score. The bank wants to know only one thing that whether you are capable of paying the money back or not. And, checking your payment history will help them dig more into it and learn about the credit score with ease.
If you are paying EMIs on time, then it will reflect positively on your credit score.
- The Credit History length
The bank will consider the fact that how long you are using the credit. In other words, they will check your history where they want you to be the member of the bank for many years. Getting a loan just after getting an account is not an easy thing, and the bank won’t accept the proposal also.
According to many sources, credit history has 15 to 20% role in credit score. If you are doing the transaction on time and using the account from past 2 to 3 years, then the bank will easily get you a loan.
- Getting into the new credit
When someone applies for a new bank account, doesn’t matter that it is in the same bank or another, they want to know that how many accounts you recently opt for. It is called as hard pull, and it is considered to know your bank details. It matters a lot to ensure that you are going to pay the loan on time or not.
Due to this reason, many people search “get my credit report or credit report” and such other terms online to check it out easily.
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If you are going to apply for a loan, then make sure to check out your credit score. If you have a good credit score, then you don’t have to worry about a single thing. By searching get my credit rating online, you can easily get the complete report and ensure whether you are eligible or not.