How Credit Works

How Credit Works:

Understanding It and How to Build Yours Right the First Time

How Credit Works

Understanding It and How to Build Yours Right the First Time

Learn what information goes on your credit report, how credit scores are calculated and how businesses like financial institutions, insurance companies and potential employers use your credit history to make decisions about your future.

? Genisys Credit Union and , 2017. Unauthorized use and/or duplication of this material without express and written permission from this site's author and/or owner is strictly prohibited.

Contents

Section 1:

Getting Started with Credit.............................................................. pg. 4

Section 2:

What Are Credit Reports and Why Do They Exist?.................. pg. 6

Section 3:

What Information is on Your Credit Report?.............................. pg. 9

Section 4:

What is a Credit Score?...................................................................... pg. 12

Section 5:

What is a Good Credit Score?.......................................................... pg. 14

Section 6:

How Do Lenders and Other Businesses Use Credit Reports?............................................................................. pg. 16

Section 7:

How Do You Get a Good Credit Score?........................................ pg. 18

Section 8:

How Long Does It Take to Build a Good Credit Score?.......................................................................... pg. 25

Section 9:

How Do You Fix Bad Credit?............................................................ pg. 29

Section 10:

How Do You Monitor Your Own Credit?...................................... pg. 31

Section 11:

Your First Credit Card - Doing It Right.......................................... pg. 33

Section

1 Getting Started with Credit

Without credit, most people would not be able to buy a house, purchase a reliable automobile, or just obtain some services necessary in life.

How Credit Works

Getting Started with Credit

Credit is an essential part of financial management. Without credit, most people would not be able to buy a house, purchase a reliable automobile, or just obtain some services necessary in life. While there are many benefits to credit, there are also potential dangers. That makes it critical to understand how credit works and how to manage it well. This guide will help start you on the right foot. You will learn:

? What credit reports and credit scores are and how they impact you financially

? How your credit history and score are used by lenders and other businesses

? How to monitor, improve, and maintain your credit score ? How to select the right credit card

for you ? How to avoid the pitfalls of reckless credit card use

Getting Started with Credit | 5 Provided by Genisys Credit Union

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