Why Your Fico Credit Score is So Important.

Having a good FICO Credit Score is important for many reasons. It is one of the most important financial assets that you will ever have in your life. If you have bad or poor credit then you are already painfully aware of how a bad FICO score can make your life miserable.




When you are looking to buy a home or car, you will need a loan or mortgage. Loan officers look at a bunch of information when they are qualifying you for approval o your loan. The most important thing that they look at is not your income. The most important number that they look at is your Fico credit score. The credit score will allow them to know what what your credit rating is. They get this information by looking at your credit report from 1-3 different credit reporting agencies.




Having a credit score of under 720 is not good. This means that you are a higher credit risk. Because the banks and lenders are trained to look at risk, they determine the interest rate by risk. For example, having a credit score below 720 means that you will have to pay a higher interest loan for a car. The higher interest may be by as much as 12% higher. This might mean a difference in a monthly payment by as much as $150 - $200 a month for the same car. All of this is because of your poor FICO credit score.




See how you can quickly repair your credit score here. You can do this yourself quite easily.




Credit Score Repair Team

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