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Most people have the same common questions when it comes to Credit. The most common question asked is "What is a credit score exactly?" In today's society, everyone knows what a Credit Score does, but very few know exactly what it is.
A "Credit Score" is actually a risk score that evaluates whether or not you will pay back your obligation to the lender that is reviewing your "payment history" of your creditors on your credit report.
A Credit Score is not part of your credit profile. It is only calculated when it is requested by a company looking to issue you Credit. For example, if you apply for a car, the dealership will send a request to a variety of lenders they do business with to see if they can get you approved for your purchase. There are many things the dealer looks at, but most importantly, they look at your Credit and based on a mathematical calculation, they produce a score that determines what risk level you are. This often determines your rate and term, as well as payments!
There are a lot of consumers out there that have either never applied for Credit or have gone through a tough time and are now unable to get the Credit they need. For these people, cash is king. They are thrifty and save or they spend all the money they make to leverage the cost of the products they are buying.
This is a double edged sword! On one hand they control their debt obligations, but on the other hand they limit themselves to what they can buy if they ever wanted or had too.
This is where our years of professional experience can help! As a client of My NU Credit we do a full analysis of your past Credit and current Credit profile to help Re-establish or Build an Entire Credit Profile.
So to get started, call one of our credit professionals to get you back on the road to success!
A "Credit Score" is actually a risk score that evaluates whether or not you will pay back your obligation to the lender that is reviewing your "payment history" of your creditors on your credit report.
A Credit Score is not part of your credit profile. It is only calculated when it is requested by a company looking to issue you Credit. For example, if you apply for a car, the dealership will send a request to a variety of lenders they do business with to see if they can get you approved for your purchase. There are many things the dealer looks at, but most importantly, they look at your Credit and based on a mathematical calculation, they produce a score that determines what risk level you are. This often determines your rate and term, as well as payments!
There are a lot of consumers out there that have either never applied for Credit or have gone through a tough time and are now unable to get the Credit they need. For these people, cash is king. They are thrifty and save or they spend all the money they make to leverage the cost of the products they are buying.
This is a double edged sword! On one hand they control their debt obligations, but on the other hand they limit themselves to what they can buy if they ever wanted or had too.
This is where our years of professional experience can help! As a client of My NU Credit we do a full analysis of your past Credit and current Credit profile to help Re-establish or Build an Entire Credit Profile.
So to get started, call one of our credit professionals to get you back on the road to success!
My NU Credit
9030 North Freeway # 205
Houston, TX 77037
Office Phone: 281-741-1262
Cell Phone: 832-642-9188
