Even though I said that a good FICO credit score takes a long time to build, there are situations where time is against you and the last few points really matter. Many mortgage lenders have FICO score thresholds for interest rates, and you may fall a few points short of the next threshold which may mean thousands of dollars’ worth of payments. You don’t have another few years to carry your FICO score to that threshold. So what to do?
Continue reading How do I improve my FICO credit score in a month?
Your credit score is a number that represents your creditworthiness. It is a number calculated from your credit history based on an algorithm to predict how likely it is that you will default on your debt. While your credit score is not the only thing that determines the outcome of your mortgage or auto loan application, it is one of the most crucial factors, if not the most crucial.
Continue reading Why are FICO credit scores important?