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| Hey Mr. Smith, my parents were applying for a credit card last night and they were talking about their credit report and credit score. What exaclty does that mean? | |
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| Well Jane, credit reports are a record of a consumers credit history. Which means it will show if your parents are reliable people and if they pay their credit cards on time. | |
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| How does it show that they are reliable people? | |
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| Credit reports are divided into four categories which includes personal information, negative items, account summary, and inquiries. | |
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| What are credit in-qui-what?? | |
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| Credit inquiries, there are two different types, soft checks and hard checks. Soft checks don't have an imact on inquiries such as your parents checking their credit report. However hard checks do. | |
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