Credit Score Explained

Credit scores explained in a simple, easy to understand way. Whether you're new to credit scores, and maybe you just got your first credit card, or you're just looking to enhance your knowledge and learn how to improve your credit score, this is the perfect video for you. I explain the history and purpose of credit scores. Then I tell you about the highest possible credit score, the lowest possible credit score, and what's a good credit score - for both the FICO score and the Vantage score. And finally I tell you about the five factors that influence your credit score.
Got any questions about credit scores? Let me know in the comments.
Check your credit score for free: • Video
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FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY. NOT LEGAL OR FINANCIAL ADVICE. The information provided in this video and on this channel is for educational and informational purposes only. It is not intended to be a substitute for legal or financial advice that can be provided by your own attorney, accountant, and/or financial advisor. Practical Personal Finance accepts no liability whatsoever for any losses or damages arising from your own personal financial decisions. You are advised to consult with your financial advisor, tax professional, or attorney regarding any and all financial decisions involving your own income and taxes.

[@tiegrsidesignsandstudio4794]

This system is abhorrent, but I'm finding it necessary to be part of if I'd even like to get a newer car or buy a house, so thank you for teaching me about it.

[@romancastro4556]

I saw already 5 other videos about what credit score is. & this hands down the best video. Broken down super well and so easier to understand Ty

[@milesmorales1789]

Facts bro

[@themindeclectic9821]

Great. My mom put me on one of her accounts so she could give me a credit card and have me run errands for her. But she stalls paying off her credit cards because it stresses her out. I had no idea her adding me to the account could impact my credit. Not that she asked first.

[@Shyairacherell]

Thanks bc I didn’t know anything about credit loans etc i wish they would teach us this in high school instead of that other stuff, this was very helpful

[@WhatJoeKnows]

This was a great detailed breakdown of credit. Awesome content, keep it coming!

[@PracticalPersonalFinance]

Thank you!!! :D

[@frogwhore2121]

thanks for teaching me!freshly going into adulthood and done have parents who can help me so this is a good start to teaching myself so I can rent a place

[@sam-rv3cy]

Great video.thanks

[@fragrantbloom]

Very informative, thank you

[@FaresOmara999]

Amazing 🎉

[@CatfoodChronicles6737]

So basically a social credit system but with bredit cards

[@CatfoodChronicles6737]

The USA to Chi a be like: 👀👀👀

[@USA50_]

Thanks for the video 😊👍🇺🇲❤️

[@nicholasdrysdale6042]

Question I owe you 2 grand to Telus back in 2019 and it’s out for collection should I pay it off or just leave it it till my credit clears?

[@FrankStJohn-xw2wu]

NOW I KNOW EVERYTHING

[@PracticalPersonalFinance]

You're darn right you do!!! :D

[@shadowfire9319]

Whats the best way to start building my credit if im 18

[@user-sh4dh2zg8c]

What if you use all your credit what is going to happen as a student

[@anhnguyenhong8770]

My credit cards are already backed by my investrd gold, bonds, stock. Do you understand? No limit.

[@extremosaur]

If I have a credit card and never use it, does this contribute to my total number of payments/payment history?

[@3275362]

No. If you're not using your credit card then you dont have a payment. If you dont make a payment there is no payment history.

[@linktothepast100]

I’m told it’s actually worse for your score if you have an active credit card that isn’t being used

[@extremosaur]

@@linktothepast100 Perhaps.

[@marriagebeforesex]

I don’t really like debts!

[@patreabrumfield2604]

The information in this video is misleading. I was on the phone with one of their reps, and I was advised that it only builds the credit of your spouse, not your child or other added users.

[@tiegrsidesignsandstudio4794]

My boyfriend added me on his (no legal tie so it's not like the company knew our relationship) and it boosted my credit a lot.

[@oceanman668]

🤓☝

[@Sansa-by8gm]

You guysss still leaving in the stone age lol Who uses accounts procedure to repair credit score this days

[@Efilism90]

Lol f..k credit scores