9/3/2010

MoneyMatters101.com Home Credit Information Ask The Credit Counselor Building Credit Buying A Home Consumer Credit Facts Credit Credit Company Tricks Credit Help Credit Report Credit Score Credit Secrets Damaged Credit Deal with Creditors Debt Collectors Establishing Credit FICO Score FICO Scoring Changes First Credit Cards How Credit Impacts You How to Read Your Credit Report Improve Your Credit Inquiries Late Payments Low Interest Managing Credit Prevent ID Theft Professional Help (Video) Rebuild Credit Reduce Credit Debt Secured Credit Cards Store Credit Cards Student Credit Cards The Ongoing Credit Crunch Types Of Credit Cards Unsecured Credit Cards Visa Credit What Credit Means Who Has Access Your Credit Links Email Us Credit Cards Interest Rates Subprime Loans Student Debt	How Credit Impacts Your Life Your FICO score has a huge impact on your life, right now and far into the future, and whether your credit report shows a high score, mid level score, or low FICO score, you are bound in many ways to it. The higher your score, the better off you will be in the world of finance, business, job hunting, and lifestyle. How your FICO score affects you depends on where your credit lands you on the scale ranging between the numbers of 300 to 850. Any number above 620 is considered good. Below 620 in considered to be subprime, or a poor credit rating. There is actually no advantages to having a low credit score and every advantage to a having a high FICO score. So why is this important? Well, credit reports yield credit scores, a powerful little three-digit number ranging from 300 to 850. A bad credit score, less than 620, is considered subprime and will have you paying 10.99 percent interest on a car loan when your friend with squeaky-clean credit is paying 6 percent, or 29 percent on a credit card when your friend's card charges 12 percent. Credit scores can also affect your rates for mortgages and home, auto, and life insurance. And increasingly, bosses are conducting credit checks when they make hiring decisions. As you can see, your credit score is a very important part of your life. Credit scores are a great scam for the credit card industry. You need those credit cards to get a mortgage or an auto loan down the road. But you don't have to run up any balances! The most cautious thing to do is to use your credit cards to make a regular payment, like a cell phone bill, and then set up automatic bill paying online each month. There are lots of businesses that will offer to repair your credit, but as the Federal Trade Commission wants you to know, it is entirely up to you to keep your credit in good standing.	Featured Book Advertise on MoneyMatters101.com
	Finance Topic of the Month: Buying a home is still the best investment most people will make in their lifetime.
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