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GLOSSARY TERMS
What is Credit?
In the simplest terms, your credit is your reputation for paying your debts on time. When you have good credit, lenders and other companies are more willing to issue credit cards, lend money, hire or rent to you, and provide more favorable terms on other goods and services.
Your credit history doesn't need to be spotless to qualify as "good", but once you have established a negative credit history it can be very difficult to repair. Responsible financial behavior is the best path to establishing a good credit history, and, coupled with time, the only sure cure for bad credit.
If you need to build credit - a quick start is to appy for a low interest credit card. Make sure you choose one that has no annual fee and some sort of cash back or rebate.
Related Article: How Credit Bureaus Work >>
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