Did you know that your beacon score or credit score is the single most important factor in determining your borrowing capacity for either a mortgage, car loan, credit card application, etc.? Many of us have never heard the term or have any idea what our score is.
A credit score is a tool used by credit grantors to determine your ability to repay your debts. The information on your credit report is compared and evaluated against other consumer credit reports which gives you a credit score ranging from 350 (highest credit risk) up to 800 (lowest credit risk). A higher score means you are less likely to make late payments or default on the credit extended to you. Check out the guidelines used in determining your score
