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When assessing the financial standing of a given company, therefore, various metrics are used to determine if the level of debt, or leverage, the company uses to fund operations is within a healthy range.If you’re trying to repair your credit or bump up your credit score, look no further than your own wallet.Interest is used as a way to ensure that the lender is compensated for taking on the risk of the loan while also encouraging the borrower to repay the loan quickly in order to limit his total interest expense.Credit card debt operates in the same way as a loan, except that the borrowed amount changes over time according to the borrower's need, up to a predetermined limit, and has a rolling, or open-ended, repayment date.Under the terms of a loan, the borrower is required to repay the balance of the loan by a certain date, typically several years in the future.The terms of the loan also stipulate the amount of interest that the borrower is required to pay annually, expressed as a percentage of the loan amount.Conversely, a company that uses no debt may be missing out on important expansion opportunities.Different industries use debt differently, so the "right" amount of debt varies from business to business.
In the end, sustained on-time payments will trump past credit history. You don’t have to pay your balance in full every month in order to establish payment history, but keeping it as low as possible will help with that big factor in your FICO score.Your oldest accounts establish credit history – another important factor in your FICO score.More importantly, spreading out – and paying down – your revolving debt is a good strategy.Debt is an amount of money borrowed by one party from another.Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances.
Owing the same amount over fewer open accounts can actually lower your score.