New Year, new Credit

What is Credit? And How to Build it.

With the new year comes many New Year’s resolutions. Many people set a New Year’s Resolution to purchase a house. But to be able to achieve this, a person needs adequate credit to qualify for a mortgage. Here is a helpful guide on what credit is and how to build it.

What is a credit score? A credit score is a three-digit number ranging from 200-850. This number reflects your “risk” to a loan or credit card provider. In other words, it is how likely you are to pay off a loan or line of credit; the higher the number, the more likely you are to pay, at least in the eyes of the bank. 

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