Looking to buy a new car, apply for a credit card or possibly buy a home?
Then you definitely want your credit score to be in top shape.
Your credit score, also known as FICO, is a score calculated from your credit report. It’s basically an indicator of how risky a borrower you are. Your credit score can range anywhere from 300-850, and the higher the score, the better. When you go to apply for a car loan, student loan, home loan or credit card, your credit score is used by the lender to determine how much they will lend you and what your interest rate will be. The more risky you seem, the lower the limit they’ll give you—and the higher the interest rate they’ll charge you.
It’s important to know that repairing or improving your credit score can take time, although there are some ways that you can begin improving it right now.
Watch this video where I discuss 3 Ways to Improve Your Credit Score.
Have a Financially Wise Wednesday!
Love and Success,