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The whole loan industry seems like a hazy mist of uncertaintly. Even those with good credit are nervous when they meet with the lender. Lots of times its just basic questions that need to be answered. Here are a few that we can help you with.
1. What is the rating score range?
The FICO credit score range is between 850 and 300. 850 and you are looking extremely good, loan is in the bank. 300 and you have very very little chance of getting a loan. If you do you will be hammered with fees and penalities. Most peoples are between 600-750.
2. Can you negociate more with high credit
Abolsutely you can. Lenders want people with high credit scores. They want to know they will be getting paid and on time. When you have a high credit, then you are in high demand and have more bargining power when fees are discussed. Be prepared to use all tools and facets of the trade to work your magic.
3. Can I build credit using cash
Unfortunately at this time there is no universal way to keep track of cash transactions. Building credit comes from borrowing and building a reputation for returing that borrowed money at the end of whenever. There must be a paper trail and a system in place for the credit report agencies to communicate. Cash does not offer these communication devices.
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