What Factors Determine Your Credit Score?
Our credit score is a number that is used to determine the creditworthiness of an individual or company.
They are assigned by credit rating agencies, such as Experian, Equifax and Illion.
The calculations involve many factors and are difficult to understand.
What Is the Difference Between a Good, Fair, and Bad Credit Score?
The difference between a good and bad credit score is obvious.
A good credit score will allow you to get the best rates on loans, hire the right insurance, and be offered credit from the top lenders.
A bad credit score will only lead to rejection of your loan request or refinancing offer.
A fair credit score is somewhere in between those two extremes. It ranks in the middle of all three categories: it’s not as good as a strong one, but it’s not as bad as a weak one either.
Is There Anything Else I Can Do to Raise My Credit Score?
- Save up to buy that designer handbag rather than using buy now pay later lenders
- Close credit card accounts if you are not using them
- Pay your bills on time
Conclusion: What’s Yours is Mine- Keep it Safe!
We need to be more aware of the dangers of the internet and protect ourselves from phishing, hacking, and other online scams.
Though there are some people who are starting to become more cautious about where they go and what they do online, there are many who aren’t aware that their information is being stolen just by browsing the web.
We need to start educating ourselves on how to better protect ourselves from these dangers if we want to have a future in an increasingly digital world.
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