Credit Score 101
Life is Life!
English - May 03, 2019 14:00 - 37 minutes - 17.4 MB - ★★★★★ - 6 ratingsEducation Business personal finance financial literacy financial education credit cards debt student loans Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
You may have heard of credit scores before but do you know what a credit score really is? On top of that, how exactly is a credit score determined? And does anyone other than me really care what my credit score is anyway?
Credit Score 101
Your credit score is a statistical number that is used to evaluate a consumer's creditworthiness aka how likely you are to pay debts back on time and in full without anyone having to twist your arm.
Credit scores range from 300 to 850. The higher your score, the more financially trustworthy a person is considered to be. But use caution: just because you have a high credit score today doesn't mean you'll necessarily have a high credit score or even the same credit score a month from now. That's because your credit score is like a living, breathing number constantly adjusting to your financial behaviors.
That's because your credit score is determined by five (5) main factors. They are:
Who cares about my credit score?
Unless you're in the market for a new credit card, a home, or a car, chances are you may not care about your credit score, but that doesn't mean no one else does.
Those that may review your credit score include:
Where to find my credit score?
Order a free copy of your credit report from Experian, Equifax, and TransUnion each year and review it for errors by visiting AnnualCreditReport.com.
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