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Following best practices can help you improve and protect your credit score.

Key Takeaways:

  • 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.

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