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Your credit score is based on the information held in your credit report. This score is an important part of your financial picture. Lenders combine your credit score with the information in your credit report to assess your risk as a borrower – super important if you’re planning on applying for a mortgage, credit card or loan!
The amount of debt you have is part of the information lenders have access to. Having too much debt that you’re not able to pay off will hurt your file. Use any savings to pay off debts, pay off the most expensive debts first and speak to a debt charity if you feel that your debts are out of control.
