Those are critical questions to anyone thinking about obtaining credit, or anyone who has credit but is seeking more favorable terms and conditions.
Perhaps you have a mortgage and would like to refinance to get a lower interest rate so that your monthly payments will be lowered.
It might be that the downturn in the economy has resulted in your pay being reduced or eliminated and you need to reorganize your finances and a consolidation loan is part of your strategy.
Whatever the reason, if you are thinking about credit then you need to know your score which is the average of the three scores you receive from the three main credit bureaus.
Although under federal law, Americans are entitled to a free copy of their credit report each year, there is no such law for credit scores so you should be prepared to pay the credit reporting agencies for yours.
Why does your credit score matter? Because it will determine whether or not you are approved for credit and the nature of the terms and conditions you receive.
Your monthly payments will be greatly influenced by your score because your interest rate will depend in large part on your score.
The higher your score, especially if it is over 700, the lower your interest rate and vice versa.
Different creditors have various requirements for credit and you should contact the creditors you are interested in and ask them for their guidelines.
You can click the link below for more information on this topic as well as related matters to help you make the most of your financial condition.
Hopefully this article has helped you to start moving toward achieving your financial goals.