Your credit score has a huge impact on your personal finances, especially now that it’s tougher to qualify for loans. If you have a good score, you can take advantage of today’s low mortgage rates. If you have a bad score, you might not be able to get a loan at all.
I found this fascinating quote today:
The advent of common use of credit scores has become commonplace. One provider of these has become so dominant in this service that its name has become synonymous– Fair Isaac Company, “FICO”, was founded in 1956 by Bill Fair, an engineer, and another gentleman, Earl Isaac, a mathematician. Today, the FICO score ranks a potential buyer/borrower applicant according to the likelihood that they will default in the future, with higher credit scores indicative of lower risk and lower credit scores indicative of higher risk. FICO Bureau Scores range approximately from 375 to above 850.Is Your Credit Score Scary?
You should read the whole article.
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Hi Candace...Food for thought, the trouble with Credit Score's is if you miss a credit card payment, or late with a payment, your check gets lost in mail, and other real reasons, Your credit score will change, and you can be a perfect applicant for a mortgage...maybe time to go back to paying Cash!!
Cheers, thanks for sharing!
Happy Hallween !
Candace, you are so creative! Excellent use of the holiday in collaboration with a credit score. You are an excellent teacher!
With the market fluctuations people should be cognizant of their credit score and working on improving it.
Candace - some folks credit scores can be scary - especially if we find it is very low, it is scary to us as well. It is nice to get that score up to non-scary mode ! In any event, Happy Halloween ! We love your blog so keep it up !!! : ) ~ Chris
I'm wondering how soon they'll be rolling out FICO2. The way we do personal business has changed so much that it will be interesting to see the changes to scoring and how they'll affect buying abilities.
Over 300 FICO scores are pulled every second of every day. Yet, too many consumers still don't know what they are. Candace, this is why I started VideoCreditScore.com. I have over 80 videos, all which can be embedded for free.
I created this site for consumers, realtors, real estate professionals and others to make sure we all get educated.
Chuck, by FICO2, I think you you mean FICO 08
Here's a sample - How does a Realtor prepare a client to have the best credit?
Dont Forget to Vote on proposition 100 that, in essence , would
So it's FICO 08 now? That sounds a lot more marketing-friendly.
Good post on your other blog. The credit game is a bit of a marathon race..not a sprint.
Candace -- Thanks again for a intersting post. It is amazing to me how many people are not aware of the impacts a good or poor credit score can have on them. We can be giving those people with lower scores some posiitve guidance on things they can do to work on bringing their FICO up...I always enjoy your blogs...
Mike
Justin - I'm oftened surprised too!
Fred - I'm not sure this country could ever handle cash again! I wish it would be that easy..
Stephanie & Christopher -- Keep in touch with your credit is so crucial no matter what age! This has been my biggest "Mom" lesson to my kids this last decade...sometimes I wonder if they totally 'get it'? I just know I have to keep trying, credit score was of no interest of mine in my twenties! Thank you for your continued readership!