March 12, 2013

The Ins and Outs of Credit: Understanding Factors that Impact your Score

In today’s financial world, almost everything is based on your creditworthiness, which is determined by your credit score. Your credit score, also known as your FICO, can determine everything from credit limits to interest rates. Without a solid score, it is very difficult to obtain low interest rates, be approved for loans, and other forms of borrowing.

Your score can range from 500 – 850, and here is the breakdown of rankings:

760 – 850 BEST

700 – 759

660 – 699

620 – 659

580 – 619

500 – 579 WORST

But the golden question is, “What makes up your credit score?” The credit scoring process can be mystifying and confusing. Here a few helpful hints to give you an idea of factors than can impact your score:

For a free copy of your credit report with FICO score, contact us below or at 708-531-8388.

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