When you apply for any type of credit, lenders have to make a decision. Will they offer you credit, or will they decline the offer? Several factors go into their decision but one of the biggest factors is your credit score risk. While it is a huge factor in determining what type of credit you will get, many people have no idea what it is. So what is a credit score and how does it affect you?
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If you’ve gotten your credit score lately (also commonly called your FICO number), you may be wondering where you fall on the scale. For that matter, what exactly is the scale? What are average credit score numbers? High? Low? Well, we’ll look at these mysterious numbers and you can see just where you stand compared to the average American.
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I’d always paid my bills on time, but about three years ago I lost my job due to downsizing and it was quite a while before I got back on my feet. In the meantime, my credit rating was shot all to blazes. I felt embarrassed and guilty, because I’d always prided myself on keeping my word. Plus, I had gotten so far behind on my bills that I thought the situation was hopeless, and I’d never have good credit again. But about a year ago I decided to try improving my credit score, and I was surprised to learn that I was able to, and relatively quickly. Here are three things I learned.
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Understanding your credit report Score can make all the difference in your financial life. When your credit score is in good standing, you are able to quickly receive approval for loans and credit, and even become pre-approved for credit, before you even apply. You have probably heard it mentioned a time or two, credit scores that is, and wondered just what it was all about.
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If you have a low credit score, you’ve probably been thinking about doing something about it. With today’s economy, and much more stringent lending standards, it’s imperative that you have as high a score as you possibly can. And there are certainly ways of improving your credit score. But many people get taken for a ride. They’re surfing the internet when they see a banner ad that screams “Raise Credit Score Fast!!!” They check out the website, it looks good, and before you know they’ve plunked down several hundred dollars.
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