The interest rate on the loan I wanted to get is so high.
I don't know something about a bad credit score. Whatever that is.
You don't know what a credit score is.
A credit score is a three-digit number that tells lenders how likely you are to pay back your loan. The rage for credit scores is 300-850 and the higher the score the better. You need to check your credit score every once in a while to make sure it is good.
Where can I check it and do I have to pay to check it?
You can get your credit score from the three major credit bureaus Equifax, Experian, and TransUnion. You have the right to get a free credit score once every year from each of those credit bureaus. But any time you want to check it after that you may have to pay a small fee.
Thats good to know, but how do they calculate your credit score?
There are five things that make up your credit score. 35% is payment history, 30% is amounts owed, 15% is length of credit histroy,10% is types of credit used and another 10% is new credit.