Credit History
What is a credit rating?
A credit rating is a decision made by a rating company or agency about someone's ability to pay off debt, based on income and past payment history, similar to the way a corporation’s stock is rated by another agency for the general public. A credit rating is expressed as a number (a credit score) for ease of use and comparison purposes.
Lenders such as credit companies look to rating agencies for how to decide about potential credit card owners. Your credit rating determines if you are qualified for a credit card or not. Rating agencies have various methods of determining someone’s credit rating.
See also:
What is a credit score?
How do I establish credit?
Am I qualified for a credit card?
What do I do if my credit card application is denied?
Last update: 2006-09-25 17:33
Author: BKO
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