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What is credit history?

Your credit history is essentially your credit résumé. The same way a job résumé shows your career experience, your credit history shows the details of how you’ve managed your credit accounts. To qualify for a loan or a credit card, it helps to have a good credit history. This guide will explain the difference between credit history, credit report, and credit score. We’ll also show you how to establish or improve your credit history. Here’s what we’re going to cover: What does my credit history include? What is a credit report? What is a credit score? Why is my credit...

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How to get a personal loan with no credit history

Having no credit history can make it difficult for you to get a personal loan. And if you don’t have a credit score, you’re not alone. In the United States, 26 million people are credit invisible, which means they haven’t yet built up their credit history. You could be credit invisible for any of these reasons: You’re young and haven’t had time to build credit You recently moved to the United States You pay for things with cash or debit cards, instead of credit cards Fortunately, none of these things mean you’re bad with money. In fact, you may be...

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What do I need to know about credit reports?

Your credit report is a record of your financial history and is used to calculate your credit score. Whether you realize it or not, credit bureaus start creating a report on you as soon as you have bills under your name. A large portion of your report is based on your loan and credit card payments. But any bills you pay, including things like rent and utilities, are also fair game. Same goes for public records—like the parking ticket you forgot to pay that got sent to collections. Knowing what’s on your credit report can help you figure out how...

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What is a credit score?

A credit score is a three digit number from 300 to 850 that banks use to help figure out how likely you are to make payments on time. The higher the number, the better your score. When people think of credit scores, they normally think about borrowing money or opening credit cards. You might not realize is that it’s not just banks checking your credit. Property managers, insurance companies, and employers might be checking your credit score to gauge your financial responsibility. Your credit score impacts a lot more than you may think. Why is your credit score important? The...

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