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| Credit in a
nutshell |
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When you apply for a credit card, an auto loan, a mortgage, or any other type of
personal loan, a bank or lender will review your credit record and your credit
score before making a decision to approve your loan.
Your credit record traces how well you have handled credit in the past and how
you are using credit today. Your credit score indicates how likely you are to
repay your bills on time and in full. Lenders will use your credit record and
your credit score to decide whether to offer you a loan and how much annual
interest to charge you.
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