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Here’s what you need to know about your Experian credit score

Do you know what your Experian credit score is? If not, then you should be cause your credit score plays a huge role in whether or not you can get approval on a loan for a car, house, or anything else that you might need to borrow money from a lender for. If you haven’t been paying attention to what your Experian credit score is, then you’ll definitely want to take a closer look.

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Why Is Your Credit Score Important?

There are a number of reasons why your Experian credit score is important. Perhaps the most important reason why your credit score is important is because it gives lenders an idea of how good you are at managing your debt if you have any. Why would this be important? How well you manage your debt is a factor that they use when determining whether or not they are willing to lend to you.

If you ever need to borrow money from a bank for a car or some other type of major expense, then your bank is going to be more likely to lend to you when you have a good credit score. If you have a bad credit score or no credit score at all, then a lender is less likely to lend money to you for your major purchase.

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What Is The Experian Credit Score Scale?

The Experian credit score scale is a measure of an individual’s creditworthiness or how likely or unlikely a lender is going to lend money to an individual. Credit scores can range anywhere from 300 to 850, with the lower end being a bad score and the higher end being a good score. The credit score is used to identify the risk associated with lending to a particular individual.

What Factors Influence Your Credit Score?

Your Experian credit score can be influenced by a number of different factors. One of the most important of them all is the number of defaults that you have on your record. A default essentially is missing a certain number of payments on an outstanding account. For example, a default on an auto loan could be missing two or more consecutive payments.

Another factor that can affect your credit score is number of accounts that you have outstanding. If you have more accounts outstanding, then your credit score might be lowered if your income does not adequately support the outstanding balances.

Also, the total amount of debt that you have outstanding is used in determining your Experian credit score. Your total debt is calculated along with your total income in order to determine debt to income ratio that you have. The smaller the debt to income ratio the better because this indicates that you are borrowing less than what you make in income. If you have a lower debt to income ratio, then lenders are going to be more willing to lend money to you for financing purposes.

If you’re planning on making a large purchase in the near future either for a house, car, or need to borrow money for some other type of large expense, make sure you are fully aware of where you fall on the credit score scale with all 3 of your credit scores from Experian, Equifax, and Transunion.

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