What is a credit score?

Every time you apply for credit (mortgage or any other loan), the bank (or lender) would like to know what is the risk involved into loaning you money. Usually the lending institution issues a credit report and most of the time part of that report is your credit score. It helps the lenders evaluate your profile and your application for credit.

The credit score is just a number, rating creditors use to assess the risk when making lending decisions. There are two most commonly used credit score providers. The first one is FICO. And the second VantageScore. The components of the credit score are: the debt you currently have; number of credit cards you own and any unpaid amount on them; paying your bills on time; how much of your money is blocked monthly; how much your income is, etc…

The credit score range between 300 and 850, and it affects the financial decision if a loan is going to be granted to you or not. It could even be required and checked by landlords – and if low, there could be a refusal to rent a place. Your credit score influence the amount of credit available to you and the terms (interest rate, period, discounts, etc.) that lenders are going to offer.

A credit score of 700 or above is considered good. An excellent credit score is such of 800 or above. Keep in mind most people credit scores range between 600 and 750. The higher the score, the better credit decisions and more certainly a credit will be given to you.

There are sites online where you may check your credit score for free, anytime you need to. Example of such website is: Clearscore. Your credit score impacts all of your adult financial live, so check it out.

Will my credit card still work if I washed it

In this article we are going to answer the most asked money-related question:
“Will my credit card still work if I washed it?”

There are many answers out there and we gathered the best ones for your credit card and washing machine incident for you:

* What really counts is if the magnetic stripe on the back of the credit card is still working. If the card was bend – this could damage it, but water simply can’t damage the credit card stripe.
* Unless the credit card itself is damaged or the magnetic stripe is damaged it should still work.
* If your washed credit card does not work contact your bank for replacement.
* The biggest problem with washing your credit card is not the water but the high temperature.
* The plastic of a credit card could start melting at above 55C. You are safe in the UK but take care when you go for a holiday in Africa.
* Water (credit card washed) won’t be a problem at all. Bending, heating, and stripe damaging would be.
* More 95% of the people who washed their credit card confirm that it works after that without any problems. So there is a huge chance you are one of the lucky ones.