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This is Jim. And he is very sad. Why are you sad Jim?
Well, I wanted to get a loan for a new car but I was turned down. They said I had a bad credit score.
What is a credit score Jim?
I'm not sure I understand it myself.
I know what a credit score is!
A credit score is pretty much a way for a lender to evaluate the risk associated with lending you money. And it is based on your past payments dealing with credit. So a late payment or a payment lower than the minimum will lower your credit score.
WAIT! So because I pay less than the minimum on my credit card and I made a late payment it lowered my credit score?
So, what did we learn today Jim?
I learned to always pay more than the minimum, and always pay on time. Or my credit score will go down. And I will be less likely to recieve credit.
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