Do you know what your credit score is?
Really, Do you know what your credit score is? Your bank certainly does, and they get to have the fun of denying you a loan… without having to tell you why. Banks don’t have to tell you what the reasons are for not issuing you a loan. They operate within a set of certain rules, procedures, and policies to which they don’t make any exceptions.
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It may seem like a conspiracy, that they can do this to you. They hold the power. And they have the money. It’s the golden rule in effect, as usual.
But it’s not an arbitrary decision the banks are making. Banks don’t decide to give you a loan because they like your smile, or because you brought your bank manager that mouth-watering chocolate cake made from your Granny’s secret recipe. Were that it could be that easy! Whenever a bank issues a loan, the bottom line is that the bank is taking a risk on you. And because this is money we’re talking about, they want to minimize that risk.
So they screen you, to make sure you’re likely to pay it back. They subject you to a rigorous check, to determine if you’re good enough for them to give you the money. Wouldn’t you do the same, if someone asked you for $10,000? A big part of that screening and weeding process lies in your credit rating. The credit score is a combined result of several factors which determine the final thumbs ups or thumbs down on whether or not you’ll get your payday loan or personal loan.
To many people, that moment of suspense is a roller coaster ride, where they’re left wondering if they’ll get the loan or not. But it doesn’t have to be that way. You can walk into your bank armed with the knowledge that you WILL walk out with that loan. It’s practically a guarantee of money in your pocket whenever you need it, or want it. That’s why it’s so important to know your credit score.
Not to mention, you’ll also avoid the disappointment of being turned down the loan you really needed (which, incidentally, will negatively affect your credit rating even MORE).
Get your free Credit Score now at CreditReport.com!
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Posted by Credit Specialist
on Jul 13 2010. Filed under Credit Score.
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