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What Is A Credit Score?
Credit scores determine your creditworthiness. In other words, it's a way for them to gauge how likely you are to repay your debts. A high credit score means you're a low-risk borrower, which is good news for lenders. On the other hand, a low credit score indicates that you're a high-risk borrower, which means you're less likely to get approved for loans and lines of credit.
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Types of Credit Scores
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How Often is Your Credit Score Updated?
Your credit score is updated every time you make a payment or apply for new credit. If you have a lot of debt and make late payments, your credit score will decrease. On the other hand, your credit score will go up if you pay your debts on time and keep your balances low.
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Pay Off Any Credit Card Debt
If you see any inaccuracies on your credit report, dispute them. These can include errors like late payments made on time or accounts that don't belong to you.