#Free Credit Score: Start Here

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Your Credit History

Credit history is your record of borrowing and repaying money. When and how much you borrowed and repaid, any late payments (normally when 30+ days overdue) and even past bankruptcies are just some of the detailed information documented into your credit history. Credit card companies, banks, auto loan companies, mortgage companies, and other major lenders establish your ‘credit worthiness’ by looking at your credit history – which is quite simply what they think of you as a borrower. It determines whether or not they will lend money to you. Lenders also use your credit history to decide what interest rates they need to charge you.

Get a Credit Report And Make Yourself Informed

Very detailed information is contained in your credit history. Your credit history is summed up into a credit report so lenders can calculate how much to lend you and at what interest rate. A credit score or rating very often accompanies your credit report, which indicates your credit worthiness. Three credit bureaus generate credit reports – TransUnion, Experian and Equifax. These credit bureaus use the FICO model to generate FICO scores between 300-900.

How MN Companies Think of Your Credit

Understanding your credit history and credit worthiness is crucial. Your way of life in MN is closely related to your credit worthiness. You simply cannot pay cash for every single purchase, and when it comes to taking out loans having a good credit is beneficial. Everything from having a credit card to qualifying for a mortgage is affected by your credit rating.