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Are you looking for ways to increase your credit score by using tips or tricks? In this video we plan to teach you how a credit score is calculated, why it is important, and things you can do every month to increase the quality of your credit report.
What is “credit”?
In the credit score world, the term “credit” simply means your reputation as a borrower and it has to do with your history of staying on top of loans and credit cards.
How is Credit calculated?
-10% Type of Credit
-10% New Credit
-15% Length of Credit
-35% Payment History
-30% Amounts Owed
Why are they important?
If you aren't super rich, you are probably going to have to go into debt to pay for things such as cars or houses, and raising your credit score now, which increases your reputation as a borrower, can lower your interest rate on future purchases. Credit Sesame Sponsored a portion of this video. A lowered interest rate can lead to paying significantly less on such items.
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