Find And Raise Your FICO Score

Are you living life with too much debt? Are you overwhelmed by your current credit problems

? Life is like that. Sometimes you're placed in a difficult situation and have to make hard choices. Fortunately, you can improve your situation.

Don't live in desperation. It isn't the end of the world. Incurring debt is simply a part of life. You incur debt to buy a car, get a house, go to school, buy products for your business, etc. People need items and often they find loans and credit cards to be attractive. Unfortunately, more often than not, people take on too much debt and see their credit score go down due to late payments and other problems.

Information found in your credit report is used to calculate your credit score, more popularly known as your FICO score. Your FICO score is very important as it is usually the deciding factor many companies use to make a credit decision. Basically, they use the score to determine if you're eligible for their loan. If you've had difficulty maintaining payments on your current debt, you will have a lower score. As a result, you may be turned down.

You should not ignore your FICO score. To improve your credit situation, you must first find out what your FICO score currently is. This will give you some idea of what you have to do to improve it and how long it will take to see positive results. Having a high score means that you will not only be extended credit but that it will be provided to you at more favorable interest rates.

A high FICO score indicates that you're a low risk for creditors, which means that once they extend you credit they can be reasonably assured that you will pay them back. If you have a low score, this means you are a higher risk. You've probably missed several payments or defaulted on a loan. In this situation, creditors think you are probably a losing bet and will deny your credit application.

FICO scores range from 350 to 800. If your score less than 620 or so, then you should start trying to improve it. Those with scores between 560-619 will have significant difficulty in obtaining new credit. To have a decent chance, your score must be between 675-699. Even then many institutions will probably turn you down. Scores above 700 can expect a favorable response when applying for new credit. As your credit score increases, you should receive more credit offers with lower interest rates.

Five things affect your credit score: your payment history, your credit history's length, the amounts you owe, the number of new credit inquiries, and the types of credit that you have. The best way to improve your credit score is to always pay your bills on time and to pay down your debt as much as possible. This is particularly true of credit card debt, which is classified as revolving debt. Revolving debt is looked upon with more scrutiny than installment debt, which includes mortgages and car loans. But first, you should obtain your credit score and credit information. By doing so, you know where to begin. Start today and improve your life.

Find And Raise Your FICO Score

By: Alex Post

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