Credit Rating by Destiny

Website 1 - Intro to Credit Rating

destinyhalket — 2023-11-26 17:07:22 UTC

This website provides a clear understanding of the credit landscape catering to individuals with varying levels of knowledge regarding financial situations. It distinguishes credit ratings apart from credit scores to offer clarity. The rating system provided a clear understanding of which each letter represents and how it correlates to the individual’s financial status.

The thorough information and knowledge provided is the key reason I chose this website. It provides a clear understanding of the ten different R-ratings to share practical insights of how various circumstances can affect one’s credit standing. It equips people with the knowledge to help them have better financial health.

Website 2 - Key Differences of Credit Rating vs Credit Score

destinyhalket — 2023-11-26 17:19:28 UTC

The website has a proficient explanation of the differences between a credit rating and a credit score. It debriefs the intricacies of both rating systems and breaks down the differences in characteristics and how they differ from one another. It clarifies the distinction of what constitutes good or bad credit within each rating system and helps provide you with a better understanding of your financial standing.

This website is very user-friendly and helps provide an easy understanding on credit ratings by supplying the key differences in a chart side by side in order to compare. It is a great comparison chart to be able to reference back to.

Website 3 - Credit Rating Effects

destinyhalket — 2023-11-26 17:50:44 UTC

This website explains which information is retained on your credit file and the long-term effects your credit rating can have. Your credit rating can affect you in various aspects of your life. For example, from loan applications, job searches, renting a vehicle, or pursuit of rental housing.

The best part about this website is that it outlines the necessary information needed and provides practical tips to enhance your credit rating. By providing knowledge and tips, it helps the reader understand what their credit rating is and how it may come with consequences, but also provides them with the tools to navigate their way to a better financial standing.

Website 4 - Improving Credit Rating

destinyhalket — 2023-11-26 17:57:18 UTC

This website provides a 5-step guide to improve your financial well-being. It supplies a thorough overview of each necessary step by explaining why each step is important but also provides ways you can implement them.

By utilizing the step-by-step method, it helps prevent the users from feeling overwhelmed by the information provided. This website is a valuable tool to help users understand that your financial rating will not change overnight and that it is a gradual process that needs constant work. But, if you are willing to follow the steps provided, it can guide you in the right direction to better financial health.

Video 3 - Strategies of Improvement

destinyhalket — 2023-11-26 18:04:03 UTC

This video demonstrates a five-step process to improve your credit rating. Including order your credit report, dispute inaccurate information, bring all account current, pay your bills on time, pay down debts. It provides an outlined overview to offer actionable insights to aid an individual’s journey to credit improvement.

This video is an immensely helpful guide that helps illustrate what a credit rating is. It provides detailed instruction on how to accomplish each step effectively and emphasizes how crucial these steps are in order to enhance your rating. As long as these steps are followed with consistency, evidently you should start to see improvement in your credit rating. A practical guide to success.

Photo 2 - Credit Rating Scale

destinyhalket — 2023-11-26 18:07:28 UTC

This photo indicates how lenders would view you as a credit risk based on your credit rating, according to Moody’s rating scale. This is one of a few ways your credit is rated.

Video 2 - Credit Ratings Explained

destinyhalket — 2023-11-26 18:12:58 UTC

This video indicates the impact numerous factors may have on your credit rating and it may affect the way lenders perceive you. Determining how likely you are to repay your debts, what you already have on your current account and how long it has been on there are a huge factors that lenders take into consideration when determining a credit card, loan, vehicle rental, and more.

This video not only explains in great detail the effect credit ratings have on an individual but it also indicates the effect credit ratings have on our economy overall by using illustrations to help provide a clear understanding.

Video 1 - What is a Credit Rating?

destinyhalket — 2023-11-26 18:19:58 UTC

This video gives a visual representation to help explain how credit rating works by using the pink and blue buildings as representation. Offering a play-by-play illustration of the credit rating process and concludes by showing you how to monitor and check your credit rating.

I chose this video because I think that the visual indicators, represented by the pink and blue buildings, help the viewer get a demonstration of what a credit rating is and what is involved in a credit assessment process. It also provides assistance at the end by explaining how to keep up with your credit rating.

destinyhalket — 2023-11-26 19:11:27 UTC

Did you know that a credit score and a credit rating are two very different ratings? Let me help by supplying some insightful knowledge of the distinctions of what a credit rating is. We will go into depth into the rating scale and will unveil the impact your financial standing plays on your economic journey. Empower yourself with knowledge for a better financial well-being.

destinyhalket — 2023-11-26 20:53:32 UTC

What did you learn about your topic that surprised you the most?

I was unaware that we had multiple different ratings that mean different things. So, I was taught from square one what the difference between a credit rating vs a credit score, how the rating system works, how it is calculated, and how it impacts your life and the economy around you.

Provide a real-life example of how this topic is relevant or interesting for you.

I had some debt when I was younger and although I have paid them off, I always wondered why my score was not really improving. Researching about this topic showed me how long certain cases stay on your record, but it also showed me how I can help get my credit rating to where I would like to see it. It also showed me how the debt I currently have can affect me in the long term if I do not take care of it sooner than later.

If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The knowledge I would pass on is what all the ratings mean and how it is calculated. I find that if you are informed of how something works and how it can affect other things surrounding it, especially regarding a financial situation, it can help bring clarity. You can then fully understand how your rating is calculated, how lenders may view you, and use that to improve your financial well-being.

Video 4 - Why Credit Ratings Matter

destinyhalket — 2023-11-27 14:32:08 UTC

This video explains the lender's decision process based on your credit rating and the role that it plays in the market. It leads further to explaining the four agencies that are used, but the key difference between each is their rating scales. Each agency has their own way of calculation ratings. It also explains what they base your assessment on in order to calculate your credit rating.

This video is a tool to show you in a relatable way how credit ratings affect yourself and the market. It also goes into depth about the agencies who are doing these assessments and breaks down how they calculate the ratings.

Picture 1 - R-ratings

destinyhalket — 2023-11-27 14:36:48 UTC

This graphic shows the R-ratings scale and indicates which rating demonstrates what according to how you pay your debts. It all depends on how long you have had your debt, if any at all, and how likely you are to repay.