Credit Score/ Credit Report

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

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What factors can negatively affect my credit score?

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Late payments, high credit card balances, and applying for too many loans can negatively affect your credit score.

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How long do late payments stay on a credit report?

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Late payments can stay on a credit report for up to 7 years.

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What is a credit report?

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A credit report is a detailed account of an individual's credit history, including credit accounts, payment history, and outstanding debts.

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What is considered a good credit score?

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A good credit score typically ranges from 700 to 749.

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What is a co-signer?

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A co-signer is a person who signs a loan with the borrower and is responsible for the debt if the borrower defaults.

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Can paying cash for all purchases help build a credit history?

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No, paying cash does not help build a credit history; using credit responsibly does.

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What is the highest possible credit score?

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The highest possible credit score is typically 850.

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What is the purpose of a credit score?

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The purpose of a credit score is to help lenders assess the risk of lending money to an individual.

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What does it mean to default on a loan?

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Defaulting on a loan means failing to make the required payments on time.