Credit Bureaus and Credit Card apps

It’s a common knowledge that when one applies for a credit, whether it be a credit card, car note, student loan, mortgage, etc., the first thing a lender will do is to perform a risk review on the credit applicant to see how risky or credit worthy this person is. The lender will pull a hard inquiry on one or a few of the credit bureaus (TransUnion, Experian, Equifax) to look at the credit behavior of the applicant. Based on the credit score and history from the credit bureaus, the lender will then decide whether or not to approve or decline the credit request and at what interest rate. Obviously the higher the credit score you have, the more favorable you’ll be in front of the lender.  Continue reading “Credit Bureaus and Credit Card apps”