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What is Credit?

Credit refers to a contractual agreement between a lender (like a bank) and a borrower (like you). The borrower is loaned some money and agrees to pay the lender back in total, typically with interest, over an agreed-upon timeframe. The most common example of this is the credit card, but the same principle holds true when borrowing money to buy a house.

When people talk about their “credit,”—like “my credit is good” or “ my credit stinks”—they’re usually referring to their credit history, which is basically a record of their credit usage. Lenders will examine credit history, along with several other factors when determining whether to lend you money for a mortgage, car loan or credit card.

Credit history should not be confused with a credit score which is a numerical representation of your credit history. The most familiar types of credit scores are the FICO score and the VantageScore which rely on algorithms to calculate how much of a credit risk a borrower will likely be and how likely someone is to pay off their loans on time. If you have a higher score, you’ll generally receive better terms on the money you borrow—like a lower interest rate or more flexible repayment terms.

Credit Card

Conyers Credit Co.

Here at Conyers Credit Co., our goal is to help you increase your credit score by removing errors on your Credit Report. Whether you want to buy a house, finance a new car or you just want to have better credit, we can assist you on your journey to your goals by removing items that are holding you back such as Collections, Charge off’s, Derogatory Accounts and more!

Get Started Today!

 

For a faster response, send an email to kendra@kendraconyers.com to schedule your Complimentary Credit Consultation

Address

101 S. Tryon St.

Suite 2700

Charlotte, NC 28280

Email

Hours

Monday - Friday 9:30am - 5:30pm

Saturday 10:00am - 3:00pm

Sunday CLOSED

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