The health of your credit scores has a great impact on many aspects of your personal financial life. Understanding credit scores and learning tips to improve your scores is important. These videos from American Consumer Credit Counseling can help you.
Understanding Credit Scores: The Magic Number Explained
A credit score may seem like a magic number, however, it’s really just created using all of the data contained on a credit report. It includes credit history and current account statuses, all compiled into one number using the same method for every consumer. As a result, it’s a standard method that applies to all consumers.
The score is a tool for creditors to quickly assess borrowers. Creditors use the information to make initial product and interest rate offerings without performing a full credit inquiry. Each of the three major credit bureaus generates their own score. That means everyone has three credit scores. Watch this video to understand the magic number in detail.
Understanding Credit Scores: 10 Tips to Improve Your Score
Now you understand what credit score really means, but how can you improve your score? What are the do’s and don’ts when it comes to your credit? This next video explains 10 tips to improve your credit scores. Have a look!
Are you having trouble with managing credit card debt? If so, call American Consumer Credit Counseling today at 800-769-3571.