What’s a credit score?
Photo by Michael Longmire on Unsplash
This post may contain affiliate links. Please read our disclosure page.
A FICO Score is a three-digit number based on the information in your credit reports. Nearly all lenders in the US, use a FICO® Score to make their credit decisions. It’s a quick measuring stick of how financially responsible you are. This of the three digits as a summary of your credit report. Your credit scores could affect your borrowing costs when you purchase a new car or home. It determines, for instance, your ability to get a mortgage and the interest rate you’ll pay.
Understanding How Your Credit History Works
There are other scores out there but FICO Scores are used by 90% of the top lenders
Why is credit important? What can a good credit score do for me?
It helps lenders determine how likely you are to repay a loan.
Can a potential employer run a credit check?
Yes, sometimes a background check for employment may include credit history. It all depends on industry, employer and the applicable laws.
Related blog posts and resources:
Understanding How Your Credit History Works
80 Passive income and Side Hustle Ideas you can try today
24 Easy Ways To Make Money On Fiverr
40 Ideas for a Lucrative Side Hustle
16 Tips to Make Credit Cards Work for You, Not Against You
15 Important Criteria for Choosing the Best Place to Live in Retirement
10 Steps to Take if You Start Retirement Without any Savings
Mahugu Nuthu is a content creator known for his compelling and well-researched business analysis. His blog MHGcode.com, provides insights and proven strategies for effective entrepreneurship, side hustle hunting, passive income pursuit, small business ideas, saving and tips on slashing costs.
This information is for educational and entertainment purposes only. The information that is shared on MHGcode.com shall not be interpreted or construed as financial, accounting, legal or tax advice and should not be acted upon without further professional advice.
 
