Your credit score is probably the most important piece of your financial health. When you want to buy a car or a house, open a bank account, apply for a credit card or any other type of loan, the bank or financial institution will look into your credit score as well as your credit history to determine if you can be approved or what interest rate you will pay for the loan. Therefore, improving and maintaining a good or even excellent credit score will be keep for your financial future.
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What is a Credit Score?
A credit score is what lenders use to determine if you can qualify to a loan or a financial product. It’s a mathematical calculation based on your credit report and history that gives you a score as a borrower. Higher scores tell lenders you have a lower risk of not paying off your loan, therefore you will get approved easier for any type of loan or product, such as a mortgage, personal, car loan or credit card. Having a higher score will also give you access to a better interest rates, meaning you will pay back less money in interest for the money you borrow.
What is a Credit Report?
A credit report is a document that contains information about your credit score and history. Basically allows lenders to access a report on how well you kept up with your payments on other loans or forms of credit (like credit cards or money you borrowed) to assess how risky it is for you to borrow money. As you may want to apply for a car or personal loan, or a mortgage to buy a house at some point during your life keeping your credit report with accurate information is important. Credit monitoring apps will give you access to review it, and some of lie SmarCredit even fix errors on your report with a simple click. As your credit score is calculated based on the information your credit report, it’s important to ensure it includes correct and accurate information about your past credit history.
Why is it Important to Improve Your Credit Score?
At some point you will want to apply for a credit card, buy a house which you will need a mortgage for, or get a car loan to purchase a vehicle. When you approach a lender or a bank for any of these things, or any other financial needs, they will determine if you qualify for one, how much you can borrow and what interest rate you get according to your credit score. This is the main reason why you should improve an maintain a good credit score.
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