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With emergency savings not always available and debt levels rising, more & more people are turning to lớn personal loans to cover emergencies, pay for medical bills, and consolidate their credit card debt.
Taking out a loan can be a significant financial decision, so it’s best lớn make it a smart one. Here are six essential things to lớn know before you take out a loan
1. Why you need the money (& if there’s a better option)
Now that you know what you can really afford to lớn borrow và pay back, it’s time to lớn figure out what type of loan & rate you can qualify for. Enter the credit score.
Your credit score & credit history are the lifeblood of your financial well-being. Without credit—specifically, good credit—you can kiss low rates, low payments, và overall savings goodbye.
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One thing I found particularly shocking was that 45% of college students don’t know their credit score. A college student is right at the beginning of their credit history in most cases, so I would think this would be the most crucial time lớn level-mix và know where you stand. But it’s not just college students. MoneyTips found that 30% of the general population they surveyed don’t know their credit score either.
The point is, you need lớn know your credit score và your credit history. The good news is that it’s easy khổng lồ accomplish this. For simplicity, I recommkết thúc using miễn phí tools lượt thích Credit Sesame and Credit Karma. But as a consumer, you’re entitled lớn get a không lấy phí copy of your credit report from each of the three credit bureaus (Equifax, Experian, and TransUnion) every year.
MU30 even built a Credit Score Estimator tool so you can estimate what your score should be.
