Credit Basics
Does having children affect my credit?
Beginning or extending a family is a life change that puts demands on your credit. It is especially important to take good care of your credit when you take on the added responsibility of children. If you take good care of your credit when your children are young, you will be able to take care of them as they get older.
Can I create a new credit file with a new social security number?
Federal law has made it illegal to use an alternative social security number when applying for credit. By using another social security number and new identification you cause the credit bureaus to generate another report for a person that does not really exist, and then use that new report to obtain credit. One of the problems with this technique is that it requires that you lie on applications for credit, which in most states is a criminal offense.
Why is credit important?
If you are looking for a loan, credit card, or low interest rates, having good credit will increase your chances of getting one of these. If you have credit problems, it may be hard to acquire a loan when you need it the most.
What is a credit score?
A lender figures your credit score (FICO score) by taking your credit history and measuring it against a database of habits in the general borrowing population. That, in turn, determines whether your tendencies match those of borrowers who default on debt, declare bankruptcy or find themselves in various types of financial difficulties.
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