Nestict News Team (CSR)
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How Do You Build Credit With No Credit History?
If you have not established credit year, you will likely a very low credit score. You can start to build credit in several ways, such as using a secured credit card. These cards require a down payment that serves as your credit line, but then as you make payments over time, you build a credit history with the three major credit bureaus.
You may also consider becoming an authorized user on a parent or guardian’s credit card or applying for student credit card, which has lower requirements and a smaller credit limit.
What Are the 5 levels of Credit Scores?
The five levels of FICO credit scores are excellent, very good, good, fair, and poor. Your credit score range will determine whether you qualify for loans and at which rates.
Is it Possible to Get a 850 Credit Score?
You can get a 850 credit score, although this score is fairly rare. About 1.2% of Americans who have credit have a perfect 850 FICO score.9
The Bottom Line
Your credit score is based on several factors and can be used to determine whether you will qualify to borrow money as well as the terms, including the interest rate of the loan. Consistently paying your bills on time and in full will help prevent damage to your credit score in the future. Given the importance of having a good credit score, it could be worth it to invest in a credit monitoring service to better protect your information.
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