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Experian Credit Report Help - Credit Score Definition

A credit score is the numerical product of your credit history, from the loans that you had incurred in college, to the purchases that you make with your credit card. This also may include home purchases, auto purchases etc, which combined, all make up your karma credit rating score. All are being recorded and filed under one individual credit history that can come back to haunt a person if they are not being proactive. *

Your consumer credit score is used by banks, as well as lending companies to make decisions on your loan applications. With a lackluster credit score, you may get rejected for a loan and/or if you are fortunate, you may be given a fraction of the amount that you are asking for on the loan. It is also likely you will incur a higher interest rate and a shorter payment period on the loan itself. *

Your karma credit score determines whether you will be reliable enough to be given money on a loan. Lenders will be calculating this credit information into the interest rates that they put on the loan. Needless to say, the majority of banks and lending companies are cautious when it comes to loaning money to individuals with low credit karma scores. *

As you can see, the health of your credit report karma depends on a number of varying factors. Are you consistently late with your payments on your credit card bill? Are you constantly knee deep in debt because you cannot seem to get things paid down, and now your interest rates are just too high? Do you have maxed out credit cards? Have you had any other credit related purchases or loans that you have not paid down upon, or that you are still paying off? How many? These will all directly figure into the credit score that you are labeled with, as reflected in your credit karma report. *

Other considerations that make up your credit karma score is the income that you are currently earning. People who have high income are generally perceived as individuals who can pay off upon a loan. Another factor, besides the ability to pay down the debt, is the amount of overall debt that you have accumulated from all past lenders combined. *

View Your Free Experian Credit Report & Scores Below. *only united states consumers are eligible to receive one free credit report & scores per year.

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