This article was contributed by Statistical Future.
Whether you want it to or not, credit and its availability plays a major role in everyone’s life, whether or not you directly experience it. For the average person, credit scores are mainly going to be used for three things: buying a house, buying a car, and using credit cards.
In the world of business, things get exponentially more complicated and it also ended up leading to a horrible housing crash and recession about a decade ago. I’m not really interested in getting into that suffice to say that when I bought my house, they supposedly required about 5 times the paperwork they would have if the same standards from 2006 were still in place.
To be fair, I hadn’t given much thought to what the numbers might look like. I figured my credit score was pretty average, then I started crunching the numbers:
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