What Constitutes A Good Credit Score – the Best Tips For Choosing The Best Company
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What Is A Good Credit Score?
At a basic level, credit scores are a way for lenders and creditors to measure the financial risk of borrowers. A credit score is a three-digit number that tells a lender how likely you are to repay a debt (or how likely you are to default). In other words, your score determines your creditworthiness. A low credit score means you are a high-risk borrower that’s had some challenges with debt in the past. A high credit score shows you are a responsible borrower that is likely to repay a debt on time.
So, credit scores make it easier for lenders to make financing decisions when you apply for a loan or credit card. Lenders often have a minimum score that you must meet or exceed to qualify for credit.
Your credit score matters! Make sure you know what’s what so that you can be saving more money! Having a high credit score means that you have a good track record of paying off your debt. If your credit score isn’t high, there are several ways to raise it.
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