What is Creditworthiness? A Full Guide
What is Creditworthiness?
Creditworthiness is defined as the suitability or reliability of an individual's ability to obtain and then pay off loans or credit cards on time. The most important aspect of creditworthiness? Credit utilization. This is defined as the amount of credit you are actually using. For example, carrying a balance of $5,000 for a $10,000 credit maximum is a 50% credit utilization. The lower you credit utilization, and the higher your credit maximum, the higher your creditworthiness becomes. A quick rule of thumb for having healthy credit utilization? Always be below 30%.
If you are struggling with improving your creditworthiness or credit utilization, PDS may be able to help. Contact our team to get started today!
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About Puridy Debt Services
PDS stands for hassle-free debt solutions. We believe that everyone deserves a chance to achieve financial freedom. Based in San Diego, California, PDS has been working with people from across the nation for for over 15 years. We have made it our mission to help people navigate the overwhelming world of debt. We are here to help anyone who is facing mounting debt find a clear path toward resolution— without court involvement.
At PDS, we take the time to understand each person’s unique financial situation. We avoid a one-size-fits-all approach. Every plan we develop is customized to meet specific needs, goals, and monthly budget. Our personalized debt resolution plans are designed to reduce your financial stress by finding the right tools and strategies to move forward. With PDS, you will find a way out of debt, and on your terms with a manageable monthly payment.