Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter


redhotloantips fat loss

Understanding Your Credit Score When Applying for a Loan

Written by: Gage Wazein

The first step in applying for a loan as an informed consumer is to know your credit score. Your current fiancial situation directly affects your ability to obtain a loan as well as partially dictate your financial freedom in the future. You must be prepared before you apply for a loan, and discovering your limitations and will predict what type of loan is realistic and right for you.

To more successfully obtain approval for your loan, it is important to know your credit or FICO score before you apply. The accuracy of your score is just as important as learing your score itself. Appropriate reasearch will prevent any unwelcome surprises at application time as well as allow you to correct any errors that may effect your approval.

It is important to understand not only what your credit score is, but how it is calculated before actually acquiring it.Your credit score is a number derived from a pool of information consisting of bill payment history, how many and what type of accounts you have, any record of late payments, collection actions taken against you, the age of your accounts, and all your outstanding debt. Creditors then apply a statistical program to your information as well as the information of your financial peers. Your actual credit score number is then extracted from a system that awards points for each factor you have that helps predict your likeliness to repay any loan or credit given in a timely manner. Through this system, the more points you are awarded, the better your score and the better your probability of receiving approval.

There are three major credit-reporting agencies through which you can access your credit information. They are known as Equifax, Trans Union and Experian.Because not every agency carries identical reports, it is important to obtain a copy from each one. As stated before, accuacy is imperative.

In more recent years, lenders have started relying a number called your FICO score when considering you for credit. Similar to the information obtained by Equifax, Experian or Trans Union, FICO is mathematically generated based upon your credit report. This generated number is then compared to millions of other consumers resulting in a very accurate assesment of your financial strenght and competence. Just as your credit score, the higher your FICO score, the better your chance of earning loan approval.

About The Author

Gage Wazein is the President and designer of the best online loan directory, which is F.T.M. Loan. To learn more about this site, go to http://www.ftmloan.com

Other Related Articles:

Secured business loans – equipping your business blue print with concrete groundwork
Somebody once said, ‘Business is not financial science; it's about trading, buying and selling. It's about creating a product or service so good that people will pay for it.’ So you are full of ideas and ready to take on the world. No matter how...read more

Crossing the Gap from this Home to the Next: Bridge Loan
So you're thinking of getting into a bigger house. You call up the real estate agent and make an appointment to go see what the market has to offer. Then you find it, the perfect "move-up" home. It's everything you've ever wanted in a...read more

Home Loans and Mortgages – Beware of New “Mortgage Elimination” Scam
The booming real estate market has allowed many Americans to become “equity rich.” They may not have a lot of cash on hand, but they might have equity in their homes worth several hundred thousand dollars or more. Unfortunately, this increase in...read more

Return to Home


Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map