Even though you might understand finances and bank, credit can still be a bit of overwhelming and complex.
But absolutely understanding how your credit score historical past can impact your home finance loan eligibility and offered interest rates can make items go much smoother.
Your credit score and your credit file are two separate things, according to the Consumer Monetary Protection Bureau (CFPB). Your credit ranking is calculated from the data in your credit history.
Having a higher credit score illustrates a stronger credit history which in turn impresses lenders. That makes an individual more eligible for lower interest rates