Know the Score!

It's only a three digit number, but what an impact it can have on your life. The three digit number I'm referring to, of course, is your credit score. Do you know what your score is? Your credit score is a number that lenders and businesses use to determine how risky it is to do business with you. It is based on information that is in your credit report. A mathematical formula is used to rate you according to how you pay your debts(do you pay on time?), how much debt you have, how much of the credit available to you are you using, and many other factors.

How can it impact your life? A low credit score can cause insurance premiums to be higher, interest rates on car, house and other loans to be higher or you may not get a certain job. It is told that a poor credit score can cost you $250,000 over a lifetime. A good score gets you the best interest rates, premiums and other opportunities.

Have you put off finding out what your credit score is? Sometimes fear or maybe procrastination prevent us from taking charge of our financial lives. If you want to be in control of your finances instead of being controlled by them, face the fear and take a step to secure your future. Once you know what is there, you can take steps to improve your financial life. Take advantage of the class being offered here at FISC: Know the Score: Building and Keeping a Good Credit Score. For more info follow this link: http://www.fisc-cccs.org/assets/docs/Building%20Good%20Credit%206_2010.pdf . In this class you will learn some of the secrets of credit reports and you will also get a copy of your credit report from Transunion.