At KCM Credit Service's Inc, we believe that credit is extremely important for our clients to learn as much as possible from credit counseling about credit repair. Here are some of most basic things you should know about repairing your credit.
A credit score is a number that is calculated to predict your creditworthiness. It is generated from a mathematical formula and can range from 300 to 850. Having a higher credit score improves your chances of getting a loan while a lower score naturally means you’re less likely to get a loan.
In the event that you do manage to get a loan despite a low credit score, the interest rate for your loan will be set higher than the interest rate on a loan from someone with a better credit score. Therefore, maintaining a good credit score can save you thousands of dollars on your mortgages, auto loans, or credit card charges.
Here’s a breakdown of the top five factors that affect your credit score and how much each factor can affect it.
In addition to consulting with us for the credit dispute process, here are some tips you’d want to keep in mind.