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Creditworthiness and How It Impacts Your Financial Access





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What Is Creditworthiness?

Creditworthiness is a term that describes how worthy a borrower is to repay and receive a line of credit. Lenders look at your creditworthiness before approving you for loans.

In order to find this out, lenders check your credit score, credit report and most importantly, your repayment history. Your repayment history contributes 35% of your credit score. Timely payments of your credits are the major tool to measure one's creditworthiness. It is always advised not to miss your payments or repay them late. Lenders look for any history of late payments and defaults and this information can have a major impact on your credit score. Hence, it is important to always make your payments on time in order to maintain a good credit score.

Creditworthiness

Factors Affecting Creditworthiness

The factors responsible for increasing your credit scores are also responsible for increasing your creditworthiness. Below are some of such factors that affect your creditworthiness:

  • The average age of your earlier and current credit accounts.
  • Whether you are currently owing any debt or not.
  • You should not have filed any bankruptcies in the past.
  • Whether you pay back your debts on time or not.
  • The number of times your credit report has been accessed by various lenders.
  • Frequent application to loans.

Determination of Creditworthiness

Creditworthiness is represented numerically in the form of a credit score. A Credit score is a three-digit number that is the summarized version of your credit report and credit history. And, these detailed research on the creditworthiness is being performed by a credit bureau.

Though, there are a large number of companies that research on the creditworthiness of individuals. But mainly there are three credit bureaus that are currently operating in the country. These are - Equifax, Experian, and TransUnion.

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Applying Does NOT Affect Your Credit Score

CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

CashAmericaToday is a brand of Silver Financial Capital. The purpose is to meet your short-term borrowing needs, not long-term financial needs. Please note that this is an expensive form of borrowing. The loans and lines of credit may be used for whatever reason you need, like unexpected emergencies, car repairs, medical bills, or travel expenses. In addition, alternative forms of financing like credit card cash advances, personal loans, and home equity lines of credit might be more affordable and better suited to your needs.

CashAmericaToday does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors' creditworthiness from a third party source.

Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM CST will be processed on the next business day, usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday- Friday: 7:00 AM to 4:30 PM (CST) or email to support@cashamericatoday.com.

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