What Is A Credit Score?

June 24, 2021 | June Mckaig

what is a credit score

 

What is a credit score and how does it affect your ability to get approved for a loan? Better yet, why does any of this matter, and when is the best time to request financial assistance when your scores are low? They don't teach you this stuff in school, so pay close attention because life will eventually test us all.

What Does Your Credit Score Mean?

Most people ask, "What is a credit score" by the time they're 21 years old, but usually not before then. That's because credit is a financial rating structure reserved exclusively for adults. A person's credit score is their ranking when compared to other consumers like themselves. It's a figure that represents their creditworthiness to potential lenders.

Now, your average credit score is a combination of three different numbers that are calculated by Experian, TransUnion, and Equifax - the primary credit reporting agencies. You can file disputes on incorrect information at any time, plus you get one free credit report each year at no charge as per the law. Thus, it's important to track your scores continually. The average person in the United States has a credit score of just over 700 points.

What Is A Credit Score To A Loan Application?

Typically, your credit score doesn't matter until you're applying for housing, insurance, employment, or a bank loan. Lenders and liable parties want to do business with fiscally responsible consumers for obvious reasons. So, if your scores are too low, most lenders won't even give you the time of day. That can cause major problems.

So, what is a credit score when it comes to getting approved for a loan? It's everything, usually. Only a few loan types are accessible with low ratings, but some of those require tremendous collateral. That's why title loans in Nevada are so popular. They provide immediate financial assistance to those who qualify, even if their credit isn't perfect. The simple act of requesting a line of credit from a lender can result in a small reduction to your overall credit score. While there can be such thing as good debt, it is good to be wise about which debt you take on and how it will affect your credit score.

 

title loans in Nevada

 

What Are Title Loans In Nevada?

Title loans in Nevada can help out with emergencies as you are slowly learning and building your credit score. Title loans in Nevada use your vehicle’s lien-free title as collateral for a lump sum of cash. With this loan, you could get as much as $15,000 to help you out. Plus, you can keep possession of your car as long as you keep up with the loan payments.

You must be at least 18 years old and outright own your vehicle to qualify. However, you don't need a good credit score to qualify for approval. This is a viable option for anyone just learning what a credit score is and doesn’t have theirs in good standing yet. Plus, our process at Nevada Title and Payday Loans, Inc. is simple!

Remember These Tips Before Getting Loans

It is important you research which loan – either a bank loan or title loans in Nevada – can best help your situation. But no matter which you choose, be sure to do these three things before you get any type of loan with no credit:

  • Make a budget. Figure out how much money you bring in each month and then compare that to how much you spend. Try to cut back where you can and write down due dates to keep things organized.
  • Get the paperwork sorted out. You'll need valid, up-to-date information regarding your identity and financial situation. And bank loans will definitely require credit information and will run a credit check. Make sure you know that to decide if you should even apply for the bank loan.
  • Decide how much you need. Determine the amount that will help you the most, even if that includes extra money for potential emergencies, late fees, and legal troubles. Remember, if you are getting title loans in Nevada, that the loan representative determines how much you get.

Where To Get Title Loans In Nevada

When you're fully prepared and decide that title loans might work for your situation, the process is easy. Just follow our guide below for details:

  1. Go to the Nevada Title and Payday Loans, Inc. website to fill out a short online form. Once the form is submitted, a loan representative from the nearest title loans in Nevada location will give you a call. They will answer any questions and set up a meeting with you.
  2. Once you are off the phone, you can grab the required items and head on down to the meeting at the store. Remember to bring your driver’s license or state-issued photo ID, the vehicle for a quick inspection, and the lien-free title in your name.
  3. They will inspect your vehicle to determine how much you could get and then determine if you qualify for approval. If you do, we will help you with the paperwork and explain the loan terms. Once everything is signed, you will get the cash right there.

Learn About Your Credit Score And What Help Is Available

So, what is a credit score? For some lenders, it's everything. But for others, it's merely a small piece of the puzzle and it won't necessarily make you ineligible for fast cash. Regardless, it is important you know the many ways your credit score can impact your life.

And if you need help with emergencies while you are building your credit, you can turn to title loans in Nevada. Fill out the form when you are ready to get started.