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Posted by in Credit Loan

How Can I Know Which of My Credit Scores Will Be Used by the Bank When I Apply For a Loan?

There is only one way you can find out which of your scores will be used when you seek the help of a financial institution in making a purchase. And that is by getting a copy of your report from the reporting agencies. Experian, Transunion, and Equifax are the three major reporting bureaus that keep records of consumers’ performances which the financial institutions use as a criterion for determining whom they will give financial aid to and how much they will charge on loans that they approve.

When you get your report, you will find that each of the three bureaus have a score which they have arrived at based on the information they get from your financial and transactional activities. However, since the three bureaus each have individual formulas they use in-house to calculate your performance, and the fact that not all creditors report to the three of them, you are likely to find that the three results are not exactly the same, even though they belong to you.

Let us assume, for the purpose of understanding which of your scores will be used, that your Experian=590, Transunion=613, and Equifax=604. In this exampled case, which is the way banks and other financial institutions determine which result to use, the highest and lowest scores will not be used. It is the middle figure, which is 604 calculated by Equifax will be used to make the decision.

But since this is a low figure, you need to take steps to add more points to your file and thus build a good rating that will get the consent of creditors when you seek a loan. To do this, you can either learn the methods and steps that will turn the situation around for you. Or you can choose to employ the services of a professional credit repair agency to do the job for you.

Visit do-it-yourself-credit repair or credit repair services to learn more on raising your credit score 200+ points to get approved for car, home and credit card loans.

Poor Credit Used Car Loans at Lower Rates : Affordability matters for Low Income Automobile Buyers!

Poor Credit Car Financing for Used Vehicles at https://www.rapidcarloans.net/ : Poor credit car buyers are often troubled about their credit score. But, poor credit history doesn’t mean you have to shy away from buying a car. Rapid Car Loans can help you in securing low rate auto financing programs.

The company has been providing affordable car financing options since 2008. It is a leader in the subprime auto loans market. Rapid Car Loans delivers faster results and ensures that you don’t have to wait for getting no obligation auto loan quotes. Get instant car loan approval and buy your favorite car by simply filling the secure auto loan application form.

If you are looking to buy a used car, Rapid Car Loans can help you by providing poor credit used car loans at lowest rates. The company’s expertise can aid in getting the best poor credit auto financing program for used cars.

Before choosing a used car, Rapid Car Loans advises you to inspect it. You can ask your mechanic to check the automobile. Also, keep in mind the following criteria before selecting a pre-owned automobile:
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• The car should not be driven for more than 90,000 miles.
• The car should not be older than 6 years.
• The Car Title should be clean.

Simple requirements and highly customized auto financing solutions make Rapid Car Loans perfect for you. The company’s poor credit car loan program can help you in buying the car of your dreams. It will also support you in improving your credit score by making your payments affordable. So, get ready for multiple benefits with Rapid Car Loans. Apply now and bring your car dream to life!
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