Credit plays a major role in your financial life. Not only is it essential for obvious things like qualifying for a loan or getting a credit card, but also for less obvious things like getting cell phone service and renting a car.
Your credit score is a three-digit number that measures how likely you are to repay a loan on time. It uses information from your credit report to predict the risk of you not paying a loan back 24 months after scoring. This score is calculated based on 5 main categories with varying weights.
Your credit report is an explanation of your credit history. It shows when and where you applied for credit, whom you borrowed money from, and whom you still owe. Your credit report also tells you if you’ve paid off a debt and if you make monthly payments on time.
A strong credit history, reflected in good credit scores, will let you qualify for lower interest rates and fees, freeing up additional money to set aside for emergencies, retirement, and other smaller unexpected expenses. Decreasing debt and increasing savings reduces stress and leads to greater financial freedom.
Though for many building good credit can seem overwhelming, the good news is that having good credit is not difficult. Here at Millennium Financial Services our team of credit repair experts is trained and ready to help you better understand your credit score and begin making improvements. We have also created a detailed guide with steps you can take to improve your credit in 30-45 days.
Stop delaying your life goals and start building today. Contact us now to book your free consultation.