FRECKLES FINANCIAL FREEDOM TIPS

Do You Have A Good Credit Score? Can’t Answer That Question:Read This Article.

Having a good credit score is a sign of financial responsibility, and can be beneficial in many ways.

What is Credit?

With all the hype and fear mongering surrounding credit and your credit score, it’s easy to become confused. So let’s start by defining a couple important terms:

CREDIT

Credit : A credit account is a legally binding agreement with a creditor that allows you to borrow money, open a line of credit, or use someone else’s resources (like a car). This can be in the form of a loan, line of credit, or something called a ‘demand deposit’.

CREDIT ACCOUNT

A credit account is a legally binding agreement with a creditor that allows you to borrow money, open a line of credit, or use someone else’s resources (like a car). This can be in the form of a loan, line of credit, or something called a ‘demand deposit’.

CREDIT SCORE

Credit Score : A credit score is a three-digit number used by lenders to assess your ability to repay borrowed money.