What is personal credit rating?
1 answersQuestion asked ( August 06, 2009 , House )
I’m looking to move to buy a house the united states this october. I understand that personal credit rating is an important criterion for evaluating my loan application. I would like to know what personal credit rating means.
Answers to : What is personal credit rating...
Answer
Congratulations on your decision to get your dream home. As you rightly mentioned, personal credit rating, also popularly called as “Credit Score” is an important criteria in processing and approving your loan application. When you use credit, say for example using your credit card for purchases, it effectively means that you are borrowing money from the bank at a specified terms and conditions which you intend and promise to return within a specified period in time.
Effectively credit rating or scoring is a scientific method of determining the ability and likelihood of you repaying your borrowing. Higher the credit score (timely payments and less defaults), better is your credit score.
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