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Basics of Credit Card
Credit Card Types
Credit Card Issues
Info On Credit Card
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Credit History The totality of an individual or business' history of loans, payments, and financial condition is taken together to form a credit history or credit report. The two terms may be used synonymously. The information is assembled by a consumer reporting agency based on an algorithm used to achieve a numerical rating or score. Currently in the United States a score of approximately 640 is considered acceptable with 800 to 900 being exceptional (and rare.) Normally the history or report is accessed when the individual or business applies for a loan or seeks to assume responsibility for an additional credit card. The information is taken as a measure of creditworthiness. Adverse financial events such as foreclosures, defaults, or bankruptcies will have a negative effect on the assessment of creditworthiness. In its broadest sense a credit history or report is a measure of the ability of an individual or business to take on and manage debt. More Credit-Card Terms Explained |
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