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How a Credit Card Can Improve Your Credit History
While none of us want to have problems with debt, we nevertheless do need to be able to take out loans and to borrow money for certain purchases. For instance all of us apart from the extremely wealthy, will likely need to take out a loan in order to buy a home (this loan is called a mortgage of course) and many of us will need auto loans or even business loans at other points throughout our life. If we are in a lot of debt however, then this can be quite difficult as debt damages what is known as our ‘credit rating’.
Your credit rating, also sometimes known as your credit history, essentially is a number next to your name that indicates to lenders such as banks and auto finance companies, whether you have a history of paying back your loans on time. To a loans company you are of course an investment – the hope being that you will pay back their money with interest and so their wealth will grow as a result of having given you the money. So if they see that your history indicates you …

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