Credit Scores
Personal Finance 101
Your credit score can mean the difference between being denied or approved for credit, and impacts the interest rates you are offered, your employment prospects, and even your ability to rent an apartment. So, I guess you could say its pretty important...StatementChecker presents the basics of Credit Scores in Personal Finance 101.
Articles in Credit Scores (4)
- What is a FICO Score?
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below.
- How do I correct errors in my credit report?
To insure that the mistake gets corrected as quickly as possible, contact both the credit bureau and organization that provided the information to the bureau. Both these parties are responsible for correcting inaccurate or incomplete information in your report under the Fair Credit Reporting Act.
- Know your FICO® scores, improve your FICO scores, save money
Whether you’re buying a home, a car or applying for a credit card – lenders want to know the risk they’re taking by lending your money. FICO scores are the credit scores that most lenders use to determine your credit risk. Your FICO credit scores (you have 1 score from each of the 3 major credit bureaus) can affect how much money a lender will lend you and at what terms (interest rate). So, taking steps to improve your FICO scores can often help you qualify for better rates from lenders – which can save you money!
- How to improve your FICO Score now
It's important to note that repairing bad credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time. If you haven't done that, then you need to repair your credit history before you see credit score improvement. The tips below will help you do that. They are divided up into categories based on the data used to calculate your credit score.
