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✅ Your Credit Score
Your credit score is a number between 300-850 that indicates your credit worthiness, financial reputation and potential risk to lenders
The credit bureaus calculate higher scores for consumers that have at least 2-3 credit cards plus installment loans and a mortgage
A good credit score will empower you to achieve your financial dreams and goals
The credit bureaus calculate higher scores for consumers that have at least 2-3 credit cards plus installment loans and a mortgage
A good credit score will empower you to achieve your financial dreams and goals
✅ 5 Easy Steps To Maintain a Good Credit Score
1) Payment History - pay on time every month
2) Capacity and Amount Owed (Utilization Ratio) - use 25% or less of your approved credit limit
3) Length of Credit - keep your oldest accounts open and active
4) New Credit - only apply for new credit once a year
5) Types of Credit Used (Credit Mix) - have at least 2-3 credit cards, an installment loan and a mortgage
2) Capacity and Amount Owed (Utilization Ratio) - use 25% or less of your approved credit limit
3) Length of Credit - keep your oldest accounts open and active
4) New Credit - only apply for new credit once a year
5) Types of Credit Used (Credit Mix) - have at least 2-3 credit cards, an installment loan and a mortgage
✅ A Higher Credit Score Can Save You Thousands of Dollars
RECEIVE LOWER INTEREST RATES, HIGHER CREDIT LIMITS, LONGER REPAYMENT PERIODS AND LOWER FEES
For real estate, autos, credit cards, student loans, refinancing and more
OTHER BENEFITS
Potential employers prefer applicants with good credit when background checks are required
Landlords give first preference to applicants with good credit
Utility companies waive security deposits
Insurance companies offer better rates
And so much more!
For real estate, autos, credit cards, student loans, refinancing and more
OTHER BENEFITS
Potential employers prefer applicants with good credit when background checks are required
Landlords give first preference to applicants with good credit
Utility companies waive security deposits
Insurance companies offer better rates
And so much more!
❌SOMEONE WITH A LOW CREDIT SCORE
May be denied when applying for credit cards and other types of financing
May require higher down payments before being approved
May be charged higher interest rates
May lose a good job opportunity
BOTTOM LINE
SOMEONE WITH A LOW CREDIT SCORE WILL PAY MORE...FOR EVERYTHING
Bad credit requires spending more money to pay off debt, due to higher interest rates
Debt reduces your savings, investments, college funds, retirement fund and the amount of money available for everyday expenses
May require higher down payments before being approved
May be charged higher interest rates
May lose a good job opportunity
BOTTOM LINE
SOMEONE WITH A LOW CREDIT SCORE WILL PAY MORE...FOR EVERYTHING
Bad credit requires spending more money to pay off debt, due to higher interest rates
Debt reduces your savings, investments, college funds, retirement fund and the amount of money available for everyday expenses
How Mistakes Affect FICO Scores
❌ MAXED-OUT CARD
LOSE UP TO 45 POINTS
❌ 30-DAY LATE PAYMENT
LOSE UP TO 110 POINTS
❌ DEBT SETTLEMENT
LOSE UP TO 125 POINTS
❌ FORECLOSURE
LOSE UP TO 160 POINTS
❌ BANKRUPTCY
LOSE UP TO 240 POINTS
Source: FICO
FICO vs VantageScore
There are many different types of credit scores including FICO and VantageScore
Each scoring model uses different criteria including changes in consumer behavior and industry needs
A FiCO score is usually required for major purchases including mortgages and autos
VantageScore is sufficient for overall financial health
Each scoring model uses different criteria including changes in consumer behavior and industry needs
A FiCO score is usually required for major purchases including mortgages and autos
VantageScore is sufficient for overall financial health
Different Scores, Different Errors
The 3 major credit bureaus are Equifax, Experian and TransUnion
Some credit furnishers only report to 1 or 2 of them, which results in different credit scores from each bureau
ACCORDING TO A RECENT STUDY BY THE FTC
❌ Many credit reports have errors on them
❌ Some of those errors are serious enough to cause you to pay more for a loan
❌ Each credit bureau may have different errors, which also contributes to different scores
Some credit furnishers only report to 1 or 2 of them, which results in different credit scores from each bureau
ACCORDING TO A RECENT STUDY BY THE FTC
❌ Many credit reports have errors on them
❌ Some of those errors are serious enough to cause you to pay more for a loan
❌ Each credit bureau may have different errors, which also contributes to different scores
Credit 101
Knowledge Is Power
A credit score
indicates your credit worthiness |
Having good credit
can save you thousands of dollars |
Avoid financial mistakes
that lower your credit score |
