{"id":786,"date":"2020-12-23T06:08:51","date_gmt":"2020-12-23T06:08:51","guid":{"rendered":"https:\/\/www.hooplaloans.co.za\/blog\/?p=786"},"modified":"2020-12-23T06:08:51","modified_gmt":"2020-12-23T06:08:51","slug":"our-basic-guide-on-credit-scores-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.hooplaloans.co.za\/blog\/our-basic-guide-on-credit-scores-what-you-need-to-know\/","title":{"rendered":"Our Basic Guide on Credit Scores: What You Need to Know"},"content":{"rendered":"

Having a good credit score gives you access to loans and credit cards with favorable terms and higher chances of getting applications approved. It also assures your lenders that you are reliable and can pay back the money you borrowed. Therefore, you are likely to receive a much better deal and save more money in the long run.<\/span><\/p>\n

On the other hand, having a bad credit score shows you are a high risk to lenders. As a result, you will be charged more for borrowing money.<\/span><\/p>\n

Your credit score is a vital part of your financial health. To help you learn more about it, use this article as your guide. That way, you can manage your fiscal assets more efficiently and live a comfortable life.\u00a0<\/span><\/p>\n

What Kind of Information Is Included in My Credit Score?<\/b><\/h2>\n

Credit bureaus calculate your credit scores and provide your lenders with the results. There are four major credit bureaus responsible for calculating credit scores, and each of them has its own scoring model. They are Compuscan, Experian, TransUnion, and XDS. Regardless of the method being used, all credit scores have the same function.<\/span><\/p>\n

When you need to check your credit score beforehand to help you get a better deal on a loan application, remember that not all lenders reach out to the same bureau. However, they all use the same information, which includes the following:<\/span><\/p>\n