Fico credit scores is a complex calculation of all your assets pass to a numeric value 300-850, 300 is the worst and 850 are the best. Your FICO score is used by financial institutions to determine if they qualify for a loan or other credit-related services are adequate.
It is very important for you to understand how your FICO score impacts your financial options, and as a result of your life. Your FICO score is based on Credit report. A credit report is a history of all past financial activities, credit cards, bills, loans and your payment history. A story leads to a better credit score FICO credit. Banks and other lenders use this score for interest rate risk of future payments in time, thus reducing their risk.
FICO scores 300-850, and can be summarized as:
700-850 - excellent or very good> Credit
680-699 - Good Credit
620-679 - Okay or Average Credit
580-619 - Low Credit
500-580 - Poor Credit
300-499 - Bad Credit
The FICO score is a very big number when it comes to your finances, show the lender your reputation, and tell them how much confidence in you, which should give. The higher your credit score, the more you can vote for the election of the terms of the loan,even lower interest rates. Setting up monitoring of your FICO credit score and credit report, annual financial part of your routine. If you leave the credit card away from you that could take years of numbing frustration, or desire, once more sought after area.
How can I improve my FICO score and Credit Report?
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