* * *
• Most lenders have cut costs by moving to a credit scoring system to assess how likely you are to default on a loan.
• The banks will typically charge between 7 and 11 per cent depending on your credit score.
* * *
The exact amount of interest you pay will depend on your credit scoring.
The agencies use different credit scoring systems to allocate points according to age, job, whether you are a homeowner, and your financial standing.
* * *
• Most lenders have cut costs by moving to a credit scoring system to assess how likely you are to default on a loan.
• The banks will typically charge between 7 and 11 per cent depending on your credit score.
* * *
The exact amount of interest you pay will depend on your credit scoring.
The agencies use different credit scoring systems to allocate points according to age, job, whether you are a homeowner, and your financial standing.
A statistical analysis performed by lenders and financial institutions to access a person's credit worthiness. Lenders use credit scoring, among other things, to arrive at a decision on whether to extend credit. A person's credit score is a number between 300 and 850, 850 being the highest credit rating possible.
Fair Isaac Corporation's credit scoring system, known as a FICO score, is the most widely used credit scoring system in the financial industry. Lenders use credit scoring in risk-based pricing in which the terms of a loan, including the interest rate, offered to borrowers are based on the probability of repayment. In general, the better a person's credit score, the better the rate offered to the individual by the financial institution.
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