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Consumers trying to obtain a mortgage, car loan or a personal loan often run into trouble when applying for the loan. Even if these people are more than able to pay off the loan (often even on a very limited time scale) the loan is often simply not granted. This is where the so-called credit score of a potential borrower comes in. And that is usually where it goes wrong, according to loan specialists.

The three digit credit score number tells banks and lending companies all about the financial security that a client can offer a bank. Based on this score lenders gauge how likely it is that new clients will actually pay off their loan on time. The less the risk is that a credit score represents the more likely it is that a new borrower will get their desired sum of money and according to financial specialists this might change in the future as it is a well-known fact that those paying late, pay more.

Consumers have to become more aware of their financial possibilities if they want to stand the chance of obtaining a loan through a bank or other lender. At least 97 percent of all consumers have absolutely no idea what their actual credit scores are, and at least 86 percent have not checked their credit reports. These figures are the result of research done by Credit.com Educational Services in San Francisco.

Nearly maxed out credit card balances and outstanding payments on credit cards are what makes a good credit score go bad and closing credit card accounts before applying for a new loan is only a good idea if the credit card account shows a lot of problems. Long standing accounts that were always paid on time cause no problems.

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