Due to the math involved with banks considering loans for an individual, the margin of error is low. This leads to some competition when a bank chooses who they want to loan money out to. Often good people with bad credit scores are forced to default.
Credit scores identify high risk consumers and individuals that may occur to the bank as less likely to be able to pay off their loan. Many factors are considered in this process such as an individuals spending to pay ratio, and the frequency that an individual is late making payments on their credit card.
Read the full article here:
Are You A Good Person With A Bad Credit Score? Here Is What To Do
Latest posts by HealthStatus (see all)
- US Hemp Sales Reach Record-Breaking $820M In 2017 - January 14, 2019
- What Does an Eye Twitch Indicate? - January 9, 2019
- How To Help A Child With School Anxiety Sleep Well - January 7, 2019