![]() ![]() If you have a low credit score, then service providers, like cell phone companies – and even a potential employer – might make assumptions that your level of financial responsibility is low and that you might prove irresponsible in other areas as well. The point of the credit score scale is to allow lenders and other financial service providers (like insurance agents) to immediately ascertain whether or not you are a credit risk. There are also industry-specific FICO variations: This credit score ranges between 300 and 850, with 300 representing the lowest possible credit score. When most of us think of credit scoring, we think of FICO ® Score, put out by the Fair Isaac Corporation. If you’re just as confused as I was, here’s a quick look at determining your credit score scale. I found this out the hard way when I was trying to find my real FICO ® Score. (But we should because it is easy to get our score on sites like ).Īnd when you head to one of those websites to get your “free credit score,” it’s really not free, and it’s not your real credit score, it probably makes you pretty frustrated. The only problem is that many of us don’t know our credit score. Lenders – and plenty of others – use your position on the credit score scale to make decisions about how they will treat you in regard to money matters. Where you fall on the credit score scale is often considered to be a way of determining what kind of person you are when it comes to managing your money. You know that your credit score is one of the most important bits of financial information about you. ![]()
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