Borrowers with good credit history may be rated as a prime borrower and qualify for the lowest interest rate available. A negative rating can lead to paying a very high interest rate in order to get approval for a mortgage loan.
Bad Credit : Understanding The Basics
Many people have heard of bad credit, but some may not know what it means. For a long time, there was no established method for determining the credit activities of consumers. However, this all changed when a company called the Fair Isaac Corporation designed a credit scoring system that is called the FICO score.
What is a FICO Score and How do I Make it Work for me?
Whether or not you receive a loan and what interest rate you get on your credit card may be determined by something called a FICO score. Find out what a FICO is and how you can improve it.