Have you ever noticed how some high-paid celebrities and athletes get free cars, designer clothes and shoes while working class people struggle to purchase those items? Well, that’s very similar to the treatment of people with good credit compared to people with bad credit.People with a good credit rating are offered credit cards and store cards with 0% interest to payback and home and car loans with 3% interest rates, resulting in thousands of dollars saved. Meanwhile, people with poor credit are either turned down for loans or charged the highest interest rates, forcing them to pay double what a purchase is worth. Even if a person makes a high salary and has money saved, he or she can still be turned down or required to put down a large down payment and be charged an exurbant interest rate because of a poor or fair credit rating while someone with a low income and an excellent credit score can be approved for a low interest rate with no money down.
Your credit rating or FICO (Fair Isaac Corporation) credit score is determined by the three credit bureaus: Equifax, Experian and Transunion. Your score can range from 250 to above 900. Creditors consider any score below 640 to be fair and anything lower than 600 to be poor. Good credit is the mid-600s to low 700s while excellent credit is mid-700s and above.
People with poor credit usually have frequent late payments to their current creditors and closed/charged off accounts that have been transferred to collection agencies.
Call 866-824-4164 Visit our websites http://get5starcredit.com and http://crowdfundingreporter.com @CrowdFundingR
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