A FICO score is an (un)necessary evil according to many. It determines so many things. What interest rate you will get on a loan or a credit card. If your credit limit is raised or lowered. If you have to pay points on a mortgage. If you qualify for a refinance. If you should or should not get a loan you may or may not need.
And it also can determine things like whether you get an apartment or qualify for a lease. It can also determine whether you get a job. Sound crazy? Unfortunately it's true. Employers, land lords and others all have access to your credit history. And while they may not see your actual score, there are a lot of other things on that report that they will see and it can be to your benefit or to your detriment.
A FICO score is definitely an (un)necessary evil. While it may not seem fair, it is beneficial to know that your FICO score is determined 100% by you. So if you know how to read a credit report and understand how a FICO score is determined then you are way better off then someone who doesn't. On Monday I am going to go more into detail about how to read a credit report and the 5 factors that make up a FICO score.
Empowering Women to be smarter, less stressed and more aware of their finances. Too many women allow money to be taken care of by their spouses, don't have a handle on their own financial futures and have no idea how to make basic financial decisions. This blog will explore ways to organize your finances, your life and how to be a bit savvier when it comes to the financial decisions you have to make every day. Check out creditsavvydiva.com for more info.
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