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Throughout your life, your ability to manage various types of credit will be documented on your credit report — and that activity forms your credit score. If lenders see something less than savory in your borrowing history, they may view you as a borrower who’ll either miss or make late payments, which can result in being denied or getting approved with unfavorable rates and terms.
Our guide teaches you about what information goes into a credit score and most importantly, how to improve it to make you an ideal credit candidate.
Improving your credit score can be a slow process, but it could help you get a better finance deal down the road with more flexible options and better borrowing terms.
If you have poor or fair credit, it’ll be much easier for you to boost your score by 100 points — compared to someone with a score of 700 — because you have more room to improve. As your score gets higher, upward credit mobility gets harder.
Three ways for someone with lackluster credit to increase their score by 100 points would be:
Even though credit scores are calculated differently depending on the reporting agency, these are the major factors that can determine your overall credit score:
Your credit score is a numerical representation of your credit report.
It’s important because financial institutions use both your credit score and the information in your credit report to make decisions about whether you’re a reliable borrower.
When you know what your credit score is, you have a better idea of what types of credit to apply for and your chances of approval.
It’s going to take some time, especially if you have legit derogatory marks in your credit history. For now, you should continue to focus on maintaining healthy credit habits and wait until the black marks reach their expiration age on your credit report.
In addition to making payments on time and not getting yourself into heaps of debt, you really just have to keep your head up, practice the aforementioned credit habits and be patient when waiting for your credit score to improve.
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