We discussed the importance of the rating earlier. now it's time to focus ont eh importance of the rating itself.
The credit rating system is used to deetermine whether or not to give you a loan or issue you a credit card. That's the first thing we have to consider when examing the credit rating and it's impact on your effort to secure a loan.
The creditor's are going to examine your past credit history to determine whether or not you pay your bills on time.
Lot's of other things are examined when you apply for a loan such as how long you've been on the job (or current job, for that matter), how much money your making, whether you rent or own a home and other things such as other possessions or property that might affect your income, such as income producing property.
When all of these things are put together the credit rating system begins to go to work for the lender to put together a point system that will define your creditworthiness, or otherwise. Points are awarded for the good qualities, subtracted for the bad ones.
The more points you rack up, the less of a risk you will appear to the lender.
Chime in lenders. Any thoughts, corrections, additions ?
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