Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
Another good reason for knowing your credit score is that it can put you in the driver's seat when you apply for new credit. Let's suppose for the sake of the example that you were to go into an automobile showroom to buy a new car. If you didn't know your credit score, you would basically be the mercy of the store's credit manager. But if you know your score, this puts you in a better bargaining position. You might be able to drive down your interest rate by several points, which could save you $1000 or more over the life of that loan.
To recap, now that you have read this article you have learned the following.
• Who invented credit scoring
• Were to get your credit score
• Why you have a credit score
• The reason why lenders love credit scoring
• Credit score ranges and why they are important
• What the three credit bureaus have done with credit scoring and
• How knowing your credit score can help you bargain for better interest rates