Why You Should Know What Your FICO Score Is
When asked what your FICO score is can you sit there and tell me the answer or would you have absolutely no clue what I was talking about?You FICO score is very valued information and used by all financial agencies before determining whether or not you should be given a loan, mortgage or any other type of credit service. FICO scores range from 350 - 800 and ideally you want to be as close to 800 as possible throughout your career.
The FICO score is determined through the information on your credit report. Your credit report lists all your previous credit history as well as public record data. You get penalized for late payments on bills, loans, mortgages and other services and this results in your FICO score going down. You can find out your FICO score online on many websites and some will help you with maintaining your FICO score and credit report.
FICO Scores
650 - 850 = Good Credit
550 - 650 = Average Credit
300 - 550 = Low Credit
The higher you’re FICO score is the higher approval rates you will get on loans and mortgages. Your overall interest rates on the approved loans and mortgages will be lower to if you have a high FICO score. There are many benefits in having and maintaining a strong FICO score and it’s vital you at least know the basics so you can help yourself become more stable financially.
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