Your credit score affects more and more of your personal life these days so you better stay on top of it.
Most people know that a credit score is important when it comes to getting a mortgage.
But did you know that it also could affect your ability to get a job?
“The credit score is really the key to your financial life, and we’re not just talking about getting credit,” said Travis Plunkett, legislative director of the Consumer Federation of America.
Credit scores are used by a host of people and businesses, including lenders, employers, insurance agents, landlords and utilities.
That’s why it’s so important to maintain your creditworthiness–even when you are in your 20s and 30s, have just launched a career and are still paying off student debt.
There are several scoring methods, but the most common is the FICO score, developed by Fair, Isaac and Co., a leading credit analysis and risk management firm.
Half the population scores above 720, while 15 percent come in below 600, according to Andy Jolls, vice president for Fair Isaac’s MyFICO.com, which sells credit-monitoring products and provides information on scoring.
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Simple mistakes, such as missing a single bill or a loan payment or charging to the limit, stay on your record for years and can cost you in many ways, including tens of thousands of dollars in higher interest rates over the life of a loan.
| Credit scores extend well beyond loans
Orlando Sentinel, FL - 21 hours ago By Tami Luhby | Newsday Staff Writer. Most people know that a credit score is important when it comes to getting a mortgage. But … |
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