Understanding Credit Scores
Overview
In this lesson, you’ll explore the key factors that make up a credit score: payment history, credit utilization, length of credit history, credit mix, recent inquiries, and new credit.
A strong credit score plays a crucial role in your financial life—it can influence interest rates on loans, credit card terms, and even housing opportunities. By understanding these factors, you can take steps to improve your credit score and work toward your financial goals.
Big Idea
Credit scores are a key part of your financial profile. Knowing how they work and what affects them can help you make smarter money decisions.
Guided Questions
- How can you increase your credit score?
- What are the main factors that affect your credit score?
- How does your credit score impact your financial opportunities?
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