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Building Credit

Building Credit
Credit is essentially a measure of your financial history and it assesses your ability to pay back loans. All companies, corporations, individuals, your next door neighbour and even your grandmother have credit. The strength of your credit history will determine if you are eligible for car loans, mortgages or education loans. It will also determine your rate of interest on these loans....
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Credit Cards

Credit Cards
Credit cards enable users to pay for items with the use of one card. Each time the card is used, the credit card holder enters into a contract by promising to pay for the good or service at a later date. Credit cards not only make everyday shopping easier, they also facilitate internet and telephone transactions. How Credit Cards Work Major financial institutions issue credit cards....
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Credit History

Credit History
Credit histories exist for both individuals and businesses of all sizes. It is basically a summary of all the money borrowed and repaid by the company or individual. This also includes cell phone and internet payments and other debts that have been sent to collections agencies. Information such as late payments and bankruptcy claims are also recorded. Therefore, it is important to...
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Credit Score

Credit Score
A person’s credit score is a number (represented by three digits) that is created through the use of a mathematical formula. This formula creates a person’s score by using details of that particular person’s credit report, and is specifically utilized to determine what level of risk a person is at for becoming financially negligent with their credit during the two...
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Interest

Interest
Interest refers to a certain amount of money, a fee, that a person pays to the owner of an asset when the person is borrowing that asset from the owner. For instance, in the case of borrowing money, (i.e. a loan), the person borrowing the money pays a monetary price for borrowing that money. Also, interest can refer to a person gaining money through money he or she deposits into a...
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