A credit grade is what potential lenders use to measure your likelihood of repaying money you have borrowed based on your past history. Everything from your first credit card to your home mortgage contributes to your credit history. Your credit grade can be affected by many factors, such as how much money you owe and your on-time payment history. Lenders will consider this credit grade (along with other factors, such as your group's borrowing history) to determine the interest rate they are willing to offer you, and how much to loan.
Tuesday, November 14, 2006
Learn about Credit Grades
A credit grade is what potential lenders use to measure your likelihood of repaying money you have borrowed based on your past history. Everything from your first credit card to your home mortgage contributes to your credit history. Your credit grade can be affected by many factors, such as how much money you owe and your on-time payment history. Lenders will consider this credit grade (along with other factors, such as your group's borrowing history) to determine the interest rate they are willing to offer you, and how much to loan.
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