Friday, 31 July 2009

Credit Rating and Its Significance

Credit rating can be of different types and this can sow the seeds of doubts in a consumer’s mind. What looks puzzling on the outside becomes relatively simple once you start to spend a bit of time to get into the finer details of different types of credit rating.

The FICO formula forms the basis of all types of credit rating in America. The FICO score varies between 300 and 850. The lower your credit score, the lower will be your credibility when you approach lenders or apply for a credit card. So, always ensure that you do everything at your power to keep your credit score at a decent figure.

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