What is the difference between good, terrible, and no credit?

The term "credit" refers to financial trustworthiness. Including punctual debt-spending behavior That is why we have a good credit rating, no credit, or bad credit. If you go to finance to examine your credit and obtain a loan for an automobile or various home projects, You obtain a bank assessment indicating that you have "no credit" and that the bank would not accept it because of the lack of trust in this type of consumer, the loan amount is large, and the interest rate is high.

So, what exactly is a "good credit" customer?
Most banks provide large loan amounts and low interest rates to consumers with good credit. Credit must have been obtained in installments, whether it be a credit card, a house, or a car. without ever being late or having a history of being confiscated before. These data are based on the National Credit Bureau.

What will "bad credit" imply?
Individuals that have a history of postponing debt payment o r a history of getting taken from numerous bank loan.s The bank will not have financial trust in these persons and are unable to obtain a loan to carry out numerous transactions

But, if "no credit", what is the cause?
A individual with no credit has never engaged in any financial transactions. Never have a credit card payment history, loans, or a history of installment payments. This type of person will still have a good or clean history in the national credit bureau system if they have purchased any product or service during the last year. In addition, any financial institution can begin to construct a history of installments from small loans such as credit cards.