A teen Guide to building credit

What is credit and why is it important? Your credit history determines the loans you will qualify for and the interest you will pay This is important because when your working to improve your credit it will help them to see if they should give you the loan you need.

What is a credit score? A credit score is a number that defines when you want a loan to see if you have good or bad credit that's what people also look on.

What is a credit report? A credit report contains information about your credit such as loan paying history and your status of your credit accounts. The lenders refere back to the report to make decisions

What factors make up your credit score? The factors that make up your credit score would be your payment history,amounts owed, length of credit history, types of credit used, New credit

How can a teen Establish build and maintain excellent credit? You should open a account even if it's with your parents that is a first step and then build of that later on with maybe college loans.


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