Understanding Your Credit Score - March 2020
Susan Lee, Manager, FRSA Credit Union
Credit scores are what creditors use to determine your ability to repay debt. If your score is too low, you may not qualify for loans and at the very least will be paying a higher interest rate.
The chart below shows the factors that are considered when calculating your credit score. These are the categories
that are used to determine your creditworthiness. So, maybe you’ve hit a few bumps in the road that have caused your score to dip or even plummet. There are many steps that you can take to bring that number up.
Here are the items considered when determining your score: Read more.