If you want to borrow money, it can mean the difference between an affordable option and no option at all. Lenders have different rules. One Lender may approve only customers with the highest credit scores while another Lender may approve you for loan but charge a higher interest rate based on a lower credit score. This is a factor of the Lender receiving higher interest payments from the customer considering the risk the customer poses for nonpayment of the loan due to a lower credit score which reflects a poorer credit history.
One of the most well -known credit scores is FICO(Fair Issac Corporation). It uses a range of 300 to 850 to score credit risk.
A high credit score is the key to the ability to borrow money on favorable terms. Reynolds and Gold can help you understand how bankruptcy can help you get a fresh start and rebuild your credit score. Call or contact us today.