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Are Credit Scores Important?
Yes, credit scores are important. Your score is used by financial institutions to determine if credit will be given to you. The FICO score is also used to determine what interest rate you will pay for a purchasing a car or a home. What are the credit score(FICO) ranges? The ranges are from 300-850. The higher your score the better it is for you. The average scores are between 700-799. Most lenders prefer ranges around 700 and over. How do I improve my FICO score if I need to? You can improve your score by doing some or all of the following: Pay your bills on time, pay off your credit card balances each month or pay more than the minimum amount due, and limit the number of inquiries on your credit. Several inquiries can lower your FICO score. Remember having a good FICO score is essential in securing credit at a good interest rate.
Having a good FICO score is also important in some instances,when you try to obtain employment and insurance.
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