Good Credit Is Important for Modern Living. I recommended at least having a 670 credit score. Credit is part of your financial Power.A good credit score is used for more than just getting credit cards or a loan. Society is becoming increasingly dependent on credit to make purchases and financial decisions, car insurance, etc..
Credit scores demonstrate your history of paying your debts to entities that loan you money, based on your promise to pay later.Working to improve your credit helps ensure you'll qualify for loans at the best rates, when you need them.
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Type 1 Revolving Credit (Credit Cards)
Type 2 Installment Loan (Ex. Car, Mort.)
Type 3 Open Credit (gas, water bills)
3. Inquires is also 10% of your credit.
Also called Hard Pulls. A Hard Inquiry occurs when you apply for a new
line of credit. (Ex. applying for a loan)
FICO, originally Fair, Isaac and Co., is a data analytics company focused on credit scoring services. It was founded by Bill Fair & Earl Isaac . Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States. Most lenders will use the FICO score. I personally often use the free apps, such as Credit Wise, Credit Karma, Credit Sesame, just as a guide. They are usually about 25 points higher than FICO, so just take that into consideration. Check your fico score before you apply for any type of loan.
IvansConsulting2 is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. We do not provide “credit repair” services or personal advice or assistance regarding “rebuilding” or “improving” your credit score, credit report or credit rating. We do not offer personal consultation or individual coaching about your credit or personal finances of any kind.
The information provided by IvansConsulting2, on this site should not be taken as legal advice or professional advice on finance. Do not use the information as a substitute for professional advice from legal or certified financial planner professionals.
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