Importance of Credit
Your credit score is an important consideration when you buy a house or need a personal loan because it shows your Lender how you manage debt. Typically speaking, you’ll have a lower interest rate the higher your credit score.
How do Lenders determine your credit score?
• Your payment history
• How you use your available credit
• The length of your credit history
• New credit accounts
• The different types of credit you use
How to Check Your Credit for Free
Experian.com is a great source to check your credit score or credit report for free.
Credit Score = A numerical value, often ranging from 300 to 850, that estimates your creditworthiness.
Credit Report = A detailed record & history of your credit management.