Credit: Your financial power
Good credit can help you achieve your financial goals
Following best practices can help you improve and protect your credit score.
- Credit refers to your ability to borrow money now to repay later.
- Your credit score is your reputation as a borrower. It can help determine if you can borrow money and at what interest rate.
- The most significant factors affecting your credit score are whether or not you have repaid debts on time and how much of your available credit you use.
- Paying off balances in full each month and avoiding unnecessary credit applications can help your credit score.
- Your credit score can affect many areas of your life and may be used not only by lenders but also by prospective landlords and employers.