Good Credit Rating:

Achieving a good credit rating:
Every major purchasing decision of an adult legal resident in many countries, including the US is determined by the individual’s credit rating. The rating is a number that is influenced by a collection of documents. The documents include the person’s borrowing history and it is used to estimate the likelihood that the individual would pay back borrowing that he or she might be presently requesting. In addition, a credit rating and credit report may be used by potential employers and landlords as a type of reference.

The rating scale and how the number is determined:
The rating scale is represented by the numbers 300 (bad credit rating) to 850 (good credit rating) and it is determined by an individual’s past loans and history of payment: whether he or she paid back borrowings on time. The number is also influenced by the person’s current debts, credit inquires and the overall length of credit history.

The side effects of bad credit:
In the US any number below a 500 is deemed as bad, 600 to 700 is average and anything above that is classified as good or excellent. Purchases that include a car, house, insurance and different types of loans are greatly influenced by the person’s credit rating. Lenders and investors tend to feel more confident issuing loans to those persons who have an above average rating. So, individuals who have a bad borrowing history and poor rating may be denied borrowing inquires and may also be denied employment.

How to achieve a good credit rating:
Everyone can have a good credit rating, even those who presently have a bad number. Below is the steps one can take to improve his or hers credit rating: – Request your credit report: The first step an individual seeking an improved credit rating must take is to learn what is in his or hers credit report. In America a credit report can be obtained by mail, phone or internet from one of the major credit agencies (Experian, Equifax and TransUnion), it is important to know what is in a report so any potential mistakes can be fixed.
– Keep inquires low: To many borrowing requests can negatively affect a person’s rating so keeping inquires low is important
– Provide your social security card
– Pay on time: Paying more than the minimal requested and paying lent money back on time is detrimental to increase a person’s rating
– Avoid skipping payments: Set up affordable payment plans and schedules with lenders to avoid skipping payments

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