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How important is your credit score? If you want to borrow money, it can mean the difference between an affordable option and no option at all. If you buy a house or a car, or your child is applying for a credit card for the first time, chances are a lender will request a credit score before making a decision.
One of the most well-known credit scorers is FICO® (Fair Isaac Corporation). It uses a range of 300 to 850 to score credit risk:
||740 - 799
||670 - 739
||580 - 669
Don't assume that just because your score falls in a certain range, a lender won’t talk to you. Everyone’s rules are different: One lender may approve only customers with the highest numbers, while another may offer a lower interest rate depending on your score.
According to FICO®, there are three things you can do right now to help your credit score:
For more information on credit ratings, visit www.usa.gov/credit-reports. For tips on reducing debt and investing in your future, contact your financial advisor.
Are you concerned about the size of the government’s debt and how it might affect you? Here are some tips for keeping the debt in perspective.
When your regular paychecks stop, you’ll need a strategy to help generate retirement income. One way to accomplish this is a CD ladder.