Everyone has one, but not everyone knows it. Some are bad
and some are good. Some are old and some are new. Each is based on the individuals’
financial habits and trends. Can you guess what I am describing? If you guessed
a FICO or Beacon Score then you are absolutely correct. What are these scores
you might ask? Well it is a mathematical way of considering all the information
in your credit history and giving it a single number that represents your
application for line of credit and loan risk. What are they used for? Credit
scores are used in the vast majority of any major purchase or loan application
and even when applying for certain businesses. You score can determine your interest
rates for auto financing, credit card rates, mortgages, and car insurance. Where
can you check your credit score? There are many ways to check your credit
score, many people have probably heard of FreeCreditScore.com made famous for
its catchy songs sung by an old boy band. There are also many other sites
FreeCreditReport.com, Official FICO site, Experian Site, and the list goes on
and on. Financially it will always be
with you. Bottom line, know and
understand your credit score.
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