How’s your credit score looking these days? If you’re not sure, you can always check it out at www.myfico.com. Here are a few key points about what the numbers mean:
• A credit score ranges from 300 to 850 and is a numerical rating that measures a person’s likelihood to repay a debt
• A higher credit score signals that a borrower is lower risk and more likely to make on-time payments
Why is having a good credit score important?
Your credit score is an important factor in determining your financial health. It can have a significant impact on your ability to take out loans, the interest rates you are offered, and the size of the credit limit you are granted. The higher your score, the better your chances of qualifying for better rates and more favourable terms.
You may be wondering how you can improve your credit score to get access to better deals. Here are some tips for improving your score:
-Make sure you always pay off your balance in full every month
-Don’t open too many new accounts at once or close old ones
-Pay bills on time!