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What is Credit History?

29 January 2017
What is Credit History?

What is Credit “History”?

Your credit history demonstrates how you have used your money.

How many credit cards do you have?
How many loans do you have?
Do you pay your bills on time?
If you own a credit card or a have received a loan from a bank, that means you already have a credit history.

What is “Credit Report”?

A credit report is a simple summary of your credit history and demonstrates:

Your name, address, and SSN
Credit cards
Loans you received
Amount of money you owe
Whether you pay your bills on time or not

Why Do I Get a Credit Report?

Organizations need to know you and how you have used your money so far before giving you money.  They use your credit report to decide if they want to lend you money. If you are applying for a job, your employers can also check your credit report. Additionally, mobile service providers and insurance companies also sometimes require it.

Who Prepares My Credit Report?

Some companies do that for you. The most famous companies are Transunion, Equifax, and Experian.

Can I See My Credit Report?

You can get a copy of your credit report from these companies, which means you can get a copy from each company.

You can call 1-877-322-8228 to get your annual credit report, or

You can visit AnnualCreditReport.com.

What is Credit Score?

Your credit score is decided by taking a look at your credit history. However, you need to pay for it.

A high score means you have a good credit history while lower scores indicate your credit history is not quite right. A lower score is around 300, and a high score is usually between 700-850.

Even though the credit score can be significant, it is not for free. Therefore, you have to ask yourself if you need to get it before paying for it.

What If I Don’t Have a Credit History?

If you don’t own a credit card
If you have never received a loan
You may not have a credit history. This can make it harder for you to rent a flat, apply for a job or even get a credit card.

 

What Does Credit Scores Mean?

If you have a high credit score, that means you have more loan options, get your credit card quickly and pay lower interests.
If you have a lower score, that means you have fewer loan options, you can fail to get a credit card, or you may have to pay higher interests.
*Please, make sure you make the authorities know if there is incorrect information in your credit report.

 

How to Improve My Credit?

Pay your bills at least until the deadline
Lower the amount of money you owe (especially to your credit cards)
Do not get new loans if you do not need one
Do not get new credit cards if you do not need one
Do not cancel your old credit cards. They might help you with your credit point.

You can choose one of our services to start your business in the US, and you can you can contact us for further information and questions.
If you have pre-sales questions, Call us + 1 302 310 21 76 ( You can also text on WhatsApp!)

 

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