HOW A LOW CREDIT SCORE CAN COST YOU?
A low credit score hurts your ability to get loans, and raises the cost of credit when you can get it. Credit scores are also used for insurance rates, renting and even employment.
A poor credit score can cost you hundreds of thousands of dollars over your life. If you are a home owner or looking to buy, raising your FICO score is the most important thing for you to do.
A better score not only means lower payments, but can mean a bigger house, the chance to take out more money on a re-fi, or even the difference between being able to buy.
what’s your credit score?
Federal Law mandates that your credit report be made available to you freely on an annual basis. The three credit bureaus, Experian, Equifax and TransUnion all make your annual reports available at AnnualCreditReport.com.
Your credit report and your credit score are different. FairIsaac Corp developed the FICO score, the most commonly used credit score. The FICO score is a number between 350 and 850 that predicted how likely you are to become 90 days late on a loan. You can purchase your FICO score for all three credit bureaus, or just for one at MyFICO.com.