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27 January, 05:36

Explain credit score

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  1. 27 January, 07:05
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    Credit score is based on how well you pay your credit card bills. Say you go to the store and buy a shirt for $10. At the end of the month you can pay the

    minimum ($2) or pay the whole $10. If you pay the minimum then you'll get charged interest. Say interest is 2% and you pay the minimum and don't charge anymore to your credit card. Next month instead of paying $8 you'll be paying $10. This makes it easy to slip into debt and debt makes for a poor credit score.

    With a poor credit score you can't apply for a loan for a car or a home.
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