Getting Your Free FICO Score
Wednesday, February 29th, 2012
This may or may not be news to you. Have you ever wondered why they have different interest rates for different people? You go into a car dealership looking for a car with the best financing. Advertisement says 1-2% interest for 60 months. When all is said and done you come out with an interest rate of 8%. Why is that?
The car dealership tries to explain to you that your fico score wasn’t high enough. Had you known about this type score beforehand, maybe you would have done something about it.
It is a wise decision to find out what exactly your score is and how you can improve it by having a better ranking.
You can actually get information about this score if you click here. It’s free if you’ve been turned down by a lender, having applied for a mortgage or by writing a letter to any one of the three major credit bureaus.
Knowing this score gives people an upper hand when negotiating an interest rate. The higher the score the better rate people can get. But knowing what the baseline number equates too is important to know.
The need to create a fiscal strategy to improve upon the score needs to be implemented. Paying the bills on time, not having too many credit cards, increasing credit availability all leads to an ideal credit situation. But constant surveillance of your score needs to be done.
Without knowing the current status of your score and what you can do to improve it will result in higher interest rates whenever you purchase anything over a period of time.
Once you identified problematic areas of your credit, you can then set a course of action to fix it. Credit reports are the basis of what interest rate you will receive. If there are discrepancies or errors then that needs to be fixed immediately.
It’s a good habit to request a credit report at least on a yearly basis to keep tabs on your score. Remember the higher the number the better off you are when you purchase a pay over time item.
