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Consumer Credit - How Creditworthy are You?

Creditworthy – it’s a term financial institutions use to determine whether you can be trusted to properly manage the credit you are requesting. It doesn’t matter whether the credit you’re requesting is to purchase a new home or car, or for a new credit card; every lender considers an applicant’s creditworthiness above all else.

To predict how you will handle future credit, lenders look at your record of handling credit in the past. While you may not be denied credit if you’ve had previous credit problems, you might pay higher rates of interest than people with better credit histories pay. Your financial future depends on your ability to build a solid record of proper credit management. You build this record by:

  • Never being late paying any debt.
  • Applying for and making purchases using a credit card and paying the balance in full each month or at least the minimum amount due.
  • Paying for educational expenses with a student loan.

It’s never too late to start building a positive track record of managing credit. These pages contain all the information, resources and tools you need to achieve this all-important financial goal.