CREDIT SCORES ARE VITAL TO YOUR FINANCIAL HEALTH!!!!!
A credit score helps lenders and others evaluate how likely you are to
make your credit payemtns on time. Each score is based on the info
in your credit report.
WHY DO YOUR SCORES MATTER??
Credit scores affect whether you can get credit and what you pay for
credit cards, auto loans, mortgages and other kind of credit. The
higher your credit score, the more likely you are to be approved and
pay a lower interest rate on new credit. Lenders look at your scores
periodically. They decide, for example, whether to change your
interest rate or credit limit on a credit card or whether to send you
an offer through the mail.
WHAT IS A GOOD SCORE??
When lenders talk about your credit rating score, they mean the
FICO score. FICO scores range from 300-850, and most people
score in the 600s and 700s (the higher scores are better.) Lenders
buy your FICO score from three national credit reporting agencies
Equifax, Experian and TransUnion. In the eyes of most lenders,
FICO credit scores above 700 are very good and a sign of good
financial health. FICO scores below 600 indicate high risk to
lenders and could cause lenders to turn down credit applications
or increase your interest rate.
You may check your credit information for free annually.
Here are the links:
www.Equifax.com
www.Experian.com
www.TransUnion.com
