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Free Credit Score: Start Here
Your Credit History
Your credit history starts the instant your first borrowing of money or application for credit. A credit history contains thorough information including when and how much was borrowed and repaid, late payments (generally 30+ days overdue) and even bankruptcy information. Your ‘credit worthiness’ is determined from your credit history. Whether or not you get credit from major lenders (such as credit card companies, banks, auto loan companies, mortgage companies) greatly depends on your credit history. Major lenders will also adjust their interest rates for you accordingly.
Keep Informed of Your Credit Report
Comprehensive details of your past financial transactions are contained in your credit history, but then your credit report condenses this information. How much is lent to you and what interest rate is charged by lenders is influenced by your credit report. A credit score or rating usually accompanies your credit report, which indicates your credit worthiness. Three major credit bureaus (TransUnion, Experian and Equifax) generate these credit reports. The FICO model is used to assign each person FICO scores between 300-900.
How NJ Companies Think of Your Credit
Your credit may affect many of your life decisions in NJ. Anything from applying for a credit card to being eligible for a mortgage, your credit history and credit worthiness is assessed. Good credit is crucial for receiving loans given it lets lenders decide if you should be approved for credit or not.