The Importance of Having a High Credit Rating & How You Can Raise Your Credit Score
Why It Is Important to Have a Good Credit Score
Whether it is a credit card you want to apply for or a new mortgage for a home, your credit rating will play a vital role as to not only whether you will get the credit, but also at what interest rate your credit card or loan will be negotiated at.
Therefore the higher your credit score the more favorable the interest rate will be which will mean more of a saving for you or lower payments on your mortgage.
On the other side of the coin if your credit rating is really poor you will struggle to get credit or finance in any form or shape.
So no matter in which category you fall into above, it will definitely pay you to put some effort into raising your credit score.
Fair Isaac Credit Score (FICO)
Your Fair Isaac Credit Score (FICO) will be a number between 300 and 850 and the higher it is the better your credit worthiness will be.
The average score is around the 720 mark and to get decent rates you will have to have a credit score of between the mid to upper 700's.
So generally speaking the higher your FICO score the lower the interest rate you will pay on credit cards or loans as you will be seen to be less of a risk to the financial lender.
To illustrate the importance of this a 100 point swing in your Fair Isaac credit score could mean the difference of an extra $50,000 in extra interest payments on a $350,000 mortgage.
So you can see that it is definitely worth the hassle of paying attention to your Fair Isaac (FICO) credit rating and ensuring that you raise your credit as soon as you can.
To start with, you can use these 3 Great Tips to Raise Your Credit Score & repair your credit fast.
Questions and Answers
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What is the Fico Score? Why do lenders use the Fico Score? What is the History of the Fico Score. How can consumers raise their Fico Score?
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