What’s a credit score and why is it important
and build it over time:
There are many free credit check tools available that work by doing a ‘soft pull’ that won’t affect your score. One example is Credit Journey by Chase. You can also request your credit report from all three credit bureaus for free once a year. The Federal Trade Commission – a government agency that supports consumer rights—offers more information at https://consumer.ftc.gov. You can also visit www.annualcreditreport. com.
make up a credit score:
- your payment history
- how much you owe on your debts or balances
- new accounts or credit opened
- credit checks
- available credit
- and your credit history or how long you have kept an account
however the most important one is making payments on time, which accounts for about 40% of the score .
any debt you can, and only apply for accounts you need.
you apply with confidence. Credit scores and credit history help lenders determine how much credit they will offer and at what
interest rate. Sometimes, scores also can be affected by inaccuracies on your report, so checking ahead of time will help you identify and resolve potential issues before a lender does a credit check.
for new credit, lenders do a “hard pull”—which means getting
access to your full report—which may cause your score to decrease. However, if you use credit monitoring tools, it results
in a “soft” pull of information and does not impact your score.
Chase Community Center branches host workshops on credit health, as well as how to budget and save. You can find out more visiting the Chase branch in Ventura Village, 1100 E.
Franklin in Minneapolis.
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