4.6 • 1.8K Ratings
🗓️ 2 April 2008
⏱️ 5 minutes
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0:00.0 | Hello and |
0:05.0 | welcome to Moneygirls quick and dirty tips for a richer life. |
0:10.0 | Today's topic, how to improve your credit score. |
0:14.0 | Getting approved for a loan at the best possible interest rate in terms |
0:18.4 | depends on your credit worthiness. |
0:20.4 | For a major purchase like a house or a car, a lower interest rate can save you a lot of money over the life of the loan. |
0:28.0 | So how do you find out if you have good credit, and what can you do to improve your credit score? |
0:33.0 | First, credit reports explained. |
0:36.0 | Your credit report shows your payment history for credit, |
0:40.0 | including credit cards, student loans, car loans, and mortgages. |
0:43.4 | If you've been late with payments, that information appears on your report. |
0:47.8 | A credit report shows the balances you owe and the amounts of your credit limits. |
0:53.0 | It also shows other information such as collection accounts and public records information |
0:57.0 | like bankruptcies, tax liens, and foreclosures. |
1:01.0 | Lenders use the information on your credit report as well as other information |
1:05.0 | when they decide whether to lend money to you. |
1:08.0 | Even though people talk about their credit report or credit score as if there's only one, you really have three major |
1:14.4 | credit reports and scores, one from each of the three major credit reporting |
1:18.6 | agencies, Equifax, Experian, and TransUnion. |
1:23.0 | Creditors report your payment information to each of these agencies. |
1:27.0 | Your credit score sums up all the information on one because the credit history each one has for you may be different. |
1:43.5 | There are different credit scoring systems but FICO scores are the most common. |
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