How to improve your credit score | Why Credit Score
You might have heard about credit score and even checked on it, but do you understand what that number means? The first time when I looked at my score in the office, all I knew was the one with the higher number wins. . . Yeah, It was childish. What is the credit score? Your credit score measures your ability to pay back the borrowed amount, so this number lets lenders assess the risk they take when loaning you money. It is calculated based on factors like your credit history, repayment records, credit inquiries, etc. Why is the credit score so important? When you apply for a credit card or a loan from a bank, having a higher credit score could enable you to get your request approved without any hassles. Also, people with a high score can get further benefits like higher loan amounts, lower interest rates, etc.
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