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How it’s calculated and how to boost it

When it comes to scores, high numbers don’t only matter for your kid’s SAT. The higher your credit score, the better your chances of getting a loan and low interest rates on money you borrow.    

Understanding how to boost your credit score — which credit bureau Experian says range from a “very poor” 350 to an “exceptional” 850 — is key to your financial health.

“Knowing the factors that go into determining your score … gives you the opportunity to make decisions that will move you towards an increased credit score and make sure you stay there,” says Kyle Whipple, partner at Custom Wealth Solutions.

Even if you earn a big salary or have cash set aside for an emergency, it’s still tougher to get a loan if your credit is bad.

Before you can improve your credit score, you need to know how your score is calculated. 

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