The Benefits of a Good Credit Score in 2022

Credit scores can have a profound impact on our finances. For example, a good credit score could mean better terms on your loan.

What Is a Credit Score?

Essentially, a credit score is a number ranging from 300 to 850 to help lenders determine the likelihood that you’ll pay your loan back to them.

Some common factors when determining your credit are: - Paying Your Bills - Your Debt  - Credit Card Usage  - Credit and Loan Applications

What Factors Impact Your Credit Score?

Factors That Don’t Impact Your Credit Score

It is illegal to include race, religion, nationality, gender, and marital status when determining your credit score.

How Do I Get My Credit Scores?

Reviewing your credit report each year is an excellent way to find discrepancies or wrong information that may be hurting your credit score.

Why Having a Good Credit Score Is Important

Having a good credit score can be beneficial for several reasons. Most of these reasons revolve around your ability to secure getting new loans.

What Is a Good Credit Score – FICO

As a result, there are several ratings credit scores can fall into in the FICO rating system: poor, fair, good, very good, and exceptional.

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