Merryn Talks Money How Much Does Your Credit Score Matter?
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Jul 15, 2025 John Webb, Senior Consumer Affairs Manager at Experian, dives deep into the world of credit scores. He breaks down how scores are calculated and the factors influencing them, especially for young adults. Listeners discover how credit scores impact mortgage rates and learn valuable tactics for improving their scores. Webb emphasizes the importance of responsible financial practices and the significance of protecting one’s financial identity from unauthorized access. Tune in for essential insights to shape your financial future!
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No Single Credit Score
- Credit scores are not a single unified number; they vary by credit reference agency.
- Each agency like Experian, Equifax, and TransUnion uses different scoring scales and bandings.
Start Building Credit Early
- Get on the electoral roll to start building your credit history immediately.
- Open a bank account and consider a credit card to develop positive credit information over time.
Use Credit Cards Wisely
- Use a credit card regularly but keep your balance low and pay it off in full monthly.
- Avoid nearing the credit limit to maintain a good credit score.