What Is A Credit Score?

What is a credit score? It's a three digit number that has more control of your life than most people realize. It's based on your credit report and is basically a numeric representation of your willingness and ability to repay debt. It can decide whether you qualify for a loan and the amount and interest rate of the loan. It could also play a role in your employment and the price you pay for insurance. Interestingly enough, income is not a consideration.

Although there are many credit scores out there, the granddaddy of them all is FICO from Fair Isaac Corporation. It ranges from a low of 300 to a high of 850. The lower you are on this scale the less likely is your ability to get good cheap credit. I think today anything below 600 is considered deadbeat status and a lot of us are headed that way.

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You And Your Credit Score

Everybody's heard of a Credit Score. But a lot of people don't understand how important your credit score is in today's financial environment. Your credit score can have an effect on many things in your life including your job, your ability to get good interest rates, even your ability to rent an apartment.

With so much depending on this three digit number, you'd think we would have easy access to what it is, how to get it, how to improve it, and how to protect it.

A big part of your debt and credit journey will revolve around this number. In the next few posts I'll show you what I've discovered in my search for answers and solutions.