The Lowdown on Your Credit Score
The Lowdown on Your Credit Score
Your credit score may be the most powerful number in your life, but what does it actually mean?
A credit score can make or break your financial future, but exactly how much power does it
really have? This article breaks down what your credit score means and explains how you can
improve yours.
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What is a credit score?
A credit score is a numerical expression based on a statistical analysis of your credit history that
lenders use to assess your creditworthiness. The goal is to gauge how likely you are to repay
borrowed money in a timely manner.
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Why is it important?
A credit score is one of several tools that lenders and other companies use to assess your
ability to pay back money. Whether you’re trying to buy a house, apply for a job or rent an
apartment, your credit score will impact these decisions.
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How do you get one?
Here’s one word of advice to start with: Don’t wait until you want a loan to get your credit in
order. Most people never know how bad their credit is until they attempt to finance something
big—whether it’s a house, car or business—and find out it costs them significantly more than
expected. Get familiar with your credit reports and scores early so you have time to correct any
errors and bad habits.
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What can you do with it?
A good credit score can help you get approved for a loan or other type of financing. That said, a
high FICO score doesn’t mean you’ll have an easy time acquiring financing, just as a low FICO
score doesn’t mean you won’t be able to get what you want. Lenders assess each application
independently and take many factors into account when deciding whether to approve or deny
your request.