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What Is Your Credit Score and Why It Matters | Discover

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Published on 2 years ago





Here’s a quick breakdown of what a credit score is and why it matters from certified financial planner, Jeff Rose.
First, you want to understand your credit history. This is simply a record of how you manage your bills including things like:
1) How many credit cards you have,
2) How much debt you have,
3) How well you’ve repaid that debt, and
4) What you owe
Credit history is what makes up your credit score which ranges from 300 – 850.
So how do you raise your credit score or keep it high?
Your score is based on your track record of borrowing money and repaying it. It also factors in:
- Length of credit history (i.e. how long you’ve had credit)
- How much you owe
- How well you’ve done repaying those accounts
- How well you’ve done repaying those accounts
If your score needs improvement, here are some tips:
- Catch up on payments
- Keep credit balances low
- Pay off debt
- Don’t open or close too many credit accounts in a short period of time
To help repay debts more efficiently, some people consolidate into a single personal loan with a lower interest rate

A Discover Personal Loan may be just what you need to consolidate your debt. Check if you qualify today! Get started at: https://www.discover.com/checkmyrate

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