Your credit score is an objective number that ranges between 350 and 850. Generally, score of at least 660 are required for favorable credit rates and terms. Credit scores of 720 and above warrant the most attractive lending scenarios. The system, originally conceived by Fair, Isaac and Company, of FICO scoring assigns your rate or score based on a number of factors such as: 1. Credit History – The number of years experience you have with credit impacts your credit score. Individuals that have had a credit card for ten years will score better in this area than those that … Continue reading →

Credit scores can change often, sometimes for the worst. Avoid these five surefire ways to send your score tumbling. 1. Missed or late payments Perhaps the most important thing that you can do to protect your credit score is to make all payments on all accounts on time, every time. Aside from the associated late fees, even one late payment can threaten your financial health by lowering your credit score (thus increasing the interest that you may be charged on loans). Even if you don’t intend to apply for a loan any time in the near future your one late … Continue reading →