What is a credit score and what are the benefits of having a good credit score?

Studly just mistyped

Its myfico.com run by Fair Isaac Co. the people who invented credit scoring software.

If you haven%26#039;t seen your credit report, you can get a free copy once a year from www.annualcreditreport.com

Having a excellent credit score (750 or better) gives you access to the lowest rates on car loans, mortgages and other loan products.

What is a credit score and what are the benefits of having a good credit score?

Let%26#039;s say have 5 credit cards each worth $2,000 each. That means your credit card value total is $10,000. So if you owe $1,000 to a credit card then you are 10% in debt. The less you are in debt the better your credit score is. If I had all of those credit cards I would keep them. If you get rid of 4 credit cards then your value is worth $2,000. That means you are in 50% debt, and that means your credit score goes way down!! That%26#039;s a bad thing

What is a credit score and what are the benefits of having a good credit score?

Check out the link below. It gives a good explanation about credit scoring.