Topic: Credit Scores – Why They Are Important


Credit scores play a huge role in your financial and personal life.

Credit scores impact your ability to get a mortgage or rent an apartment, they determine whether or not you will get approved for a student loan or credit card, and your credit scores even influence the rates you pay on car insurance.

For those looking for a job, credit scores are equally important since many employers are checking job applicants’ credit ratings before determining whom to hire.

The best way to stay on top of your credit health is to check your credit reports at least once a year and review your credit scores as well.

The most common type of credit score is the FICO score. It ranges from 300 to 850 point. The higher your credit score, the better off you are financially.

Recommended Reading:

FICO Score vs. Plus Score: What’s The Difference

Key Differences Between Your Experian, Equifax and TransUnion Credit Reports

Perfect Credit: & Steps to a Great Credit Rating

 

Top questions answered in credit scores:

  • What is a Vantage score
  • Which credit score is more important
  • What is a plus score
  • Experian plus score vs FICO score
  • Does layaway build credit
  • Equifax score range


Last Updated 11th December, 2014 I get a lot of questions on AskTheMoneyCoach.com from people who want to improve their credit scores or fix issues with their credit reports. This doesn’t surprise me, since your credit can determine everything from your ability to rent an apartment to your auto insurance rates to whether you get […]

Last Updated 20th August, 2014 Some credit score mistakes can be real credit killers. You might not think that seemingly innocent actions can cause your FICO score to plunge, but that can certainly happen. Here are two horrible credit mistakes you want to avoid at all costs – unless you want to send your credit […]