The 3 key takeaways from the History of Credit in America segment includes:
- Credit history is a record of your debt repayment abilities and of your responsibility for repaying it.
- It includes the number and types of credit accounts you have credited, the duration of your account's opening, the amount owing, the quantity of available credit, whether you pay bills on time, and the number of recent credit requests.
- The borrower will earn rewards for strong credit history, like cheaper rates on mortgage loans and automotive insurance.
What was the beginning of History of Credit?
In the United States, the History of Credit can be far-traced to the first credit card that was issued in the Diners Club card in 1950. The card was used for travel and entertainment and the balance had to be paid every month.
However, In the 1951, the first bank credit card was introduced by Franklin National Bank, based in Long Island, New York.
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