Credit & Credit Scores

Credit is a convenience that allows you to make purchases today and pay for them over time in the future. It’s a loan that enables you to make purchases when you are lacking cash.

Credit is easy to use, but it’s not free. The cost—the interest rate you’re charged—varies depending on your credit score, the type and term of credit you choose, if collateral is provided and where you get your loan.

Whatever kind of credit you’re after, you need a good credit history and score. Scores are assigned based on your credit record maintained by the three major credit reporting bureaus.