Factors That Impact Your Credit Score
What Is My Credit Score?
- There is a common misconception that your age, salary, and employment history decide how creditworthy you are. That is simply not true.
- These factors play just as much a role as your race, ethnicity, nationality, religion, gender, marital status, area of residence, or assets play in determining your credit score — None!
- The system used to calculate your credit score is efficient, and only assesses your behavior pattern concerning credit.
What Is My Credit Score?
- In layman’s terms, your credit score is a number that tells how worthy you are of getting credit.
- Lenders use your credit score to evaluate whether you will repay your debts responsibly or not.
- A high credit score would make you a worthy candidate in the eyes of lenders, whereas a low credit score could easily hinder your chances of getting credit.
