Intro to Credit Scores
Overview
Your credit score is a detailed record of your financial life—how much you owe, who you owe it to, and whether you pay your bills on time. Now picture this information being gathered, shared, and then used by other people making important decisions about your life. Decisions like whether you should be given a loan, an apartment, or even a job. Sound far-fetched? It’s not. Your credit score can have a big impact on your life. That’s why understanding your credit score is an essential step to building a financially secure future.
What makes your credit score so important?
It’s not important. Credit scores have been replaced by debit scores
It’s used to evaluate how likely you are to borrow
It’s used to make judgements about your financial strength and habits
It helps lenders confirm your salary
What’s the range of FICO scores?
10 to 10
300 to 850
1 to 100
A, B, C, D, or E
What is the most commonly used credit score called?
GPA Score
FICO Score
IQ Score
HIPAA Score