Credit Info

Credit scores are based on a consumer’s credit history and are a significant factor in the type of loan and terms of a loan, such as interest rate, that a lender may offer. A credit score generally ranges from 300-850 where higher scores are better. To a lender, higher scores mean you have a better chance of being able to repay your debt on time and make regular payments. Credit scores are usually calculated based on factors that include: Payment History, Utilization (How much of your credit limit you use), Length of Credit History, Number of Credit Accounts and Type of Accounts, Amounts You Owe, Available Credit and Recent Credit Activity. These considerations to your credit score apply to for many financial products and transactions including loans, credit cards, mortgages, utilities and even ability to rent a home or apartment. Credit scores greatly affect the terms of products like these including interest rates, payments, and premiums. The increased cost of higher interest rates and payments due to poor credit can cost hundreds or even thousands on a monthly basis, this can add up to tens of thousands of dollars over the years. On a product like a mortgage having better credit and qualifying for a better program or interest rate could literally mean the difference of hundreds of thousands over the life of a loan. The importance of optimizing credit scores cannot be underestimated and the vast majority of individuals struggle with finances because they have problems with their credit. People with lower credit scores are generally referred to as subprime borrowers and usually have many restrictions for what they qualify for due to their low credit rating.

NOOCredit can help members with every step of their financial journey regardless of where they are starting out.

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