How is your credit score calculated and why is it important? – WNYT NewsChannel 13

FILE – This Aug. 11, 2019 file photo shows credit cards in New Orleans. The possibility of a recession in the near future and the likely reduction in credit availability that is often associated with it may drive some small-business owners to explore financing options like a line of credit. (AP Photo/Jenny Kane, file)[ASSOCIATED PRESS/Jenny Kane]

NEW YORK (AP) — You know credit scores exist. You might even know what yours is. But do you know how it’s calculated and why it’s important?

Your credit score affects whether you can get a credit card, rent an apartment, buy a house, start a business, or even get a cell phone contract.

A low credit score can limit your choice of loans or determine if you can get one at all — and if you can, it might have a high interest rate.

“There’s a huge cost to having a low credit score that happens to people, an actual true financial cost to them, and it’s a shame that people don’t learn about this or know about it or pay attention to it until…

Read Full Story: https://wnyt.com/us-news/how-is-your-credit-score-calculated-and-why-is-it-important/

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