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Why Your FICO Score Is So Important
Dated: November 23 2023
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Why your 'FICO score is so important it the 2nd in my series of 4 posts about credit. I really hope this is helping you. Please let me know if it is by commenting below. Now let's talk about and learn about your FICO score.
What is a FICO score?
FICO stands for the Fair Isaac Corporation. The Fair Isaac Corporation orignated credit scoring in a systematic, data driven way. Today there are other reporting systems but Fair Isaac is still the credit industry standard.
Now, who uses your FICO score? The 3 major credit bureaus - Equifax, Exerian and TransUnion. Businesses and others look at your FICO score and rate you as a credit risk up or down based on your score.
Because Equifax, Experian and TransUnion often use slightly different data (or emphasize more or less strongly some factors), your credit score will be a little different for each one.
The bottom line? The credit world rates you based very much on your FICO score. This is a primary factor in your credit profile
Why your FICO score so important
Nearly every aspect of your life is affected by your credit score. Most of use credit to buy things. The interest rate you get for any kind of loan is determined by your FICO score.
How about your car loan or lease? Or your mortgage or home equity loan. When you get a 24 month payment plan to buy a big appliance. Any personal loan. Credit cards of course and more. And, of course, your mortgage. The interest rate you're charged or even if you will be approved to get the loan is very much determined by your FICO score.
There are other things too that so many people aren't aware of. Did you know that the cost of your homeowner or car insurance is affected by your FICO? How about trying to get a job. Your credit is checked there too.
FICO scores that are low often make it impossible to get a landlord to accept you. Frankly, I put in my listings that the tenant needs a 700 or better FICO score to be accepted. No kidding.
The bottom line on all of this is that it affects your entire world. Why? Because a FICO score tells a lender whether or not you pay your bills. It predicts whether or not they will get paid back every month for the money they lend you.
So do everything you can to keep your FICO score high. Next week we'll talk about some siimply ways to do this. Again, please comment below to let me know if this is a help for you.
Barbara Weismann
I’ve always worked hard because I know success isn’t easy. Success matters because success means I’ve achieved your goals. You need more than a door opener. You need an agent who und....
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