Key Figures: 7 Things You Need to Know About Your Credit Score

Photo by: taliesin
1. Your FICO Score
FICO, formerly known as the Fair Isaac Corporation, is the most widely used scoring system for credit reports. This is scored like some sort of achievement test, ... more 
Photo by: taliesin
1. Your FICO Score
FICO, formerly known as the Fair Isaac Corporation, is the most widely used scoring system for credit reports. This is scored like some sort of achievement test, and your scores range from 350 to 850. Higher is better in this game. We're not playing golf.
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Wed, Sep 11, 2013 1:00 PM EDT

Today we're going to talk about your credit score. Why is it important to understand the components of your credit score? Well, for one, many can be confusing, and to get your finances on the right track, you need to understand them. The only way to take control of your financial life is by taking one step at a time, and if you understand every component of your credit score, you will be better able to improve it! I applied for a car loan in 2010. I was given a 9.6% interest rate because I had a credit score of about 600. Two years later, I qualified for a 2.9% interest rate when I refinanced that loan. Why? My credit score had risen 150 points! Read on to understand the different components of your credit score, and don't ever take a car loan at 10%! Click through for 7 things you need to know about your credit score! -By Kathleen O'Malley

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