Understanding your credit score and why it's important |
Your credit score (also known as fico score) is vital for many reasons and should be checked and monitored at least twice a year
Your score is what allows you to qualify and get approved when applying for loans or credit cards, including:
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The higher your score --The better interest rate you'll get
Tired of getting declined?There are many factors as to why you get declined, but a main reason is your fico score is too low and your debt income ratio
As mentioned above, being late skipping payments, having collection accounts, Charge-Offs, or even too many inquiries are all factors and will affect your credit score |