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Your Credit (A Powerful Purchasing Force if used correctly or the Kryptonite of American consumers if used unwisely)
Superman Returns came out this week and I felt it was appropriate to incorporate the comic book feel to my title.
If used correctly it can help make your life much easier including
If used poorly it can lead to years of dark days including:
Trouble setting up utilities, mobile phone service, and insurance
Higher rates on your home mortgage and auto loans
Evil rates and fees associated with your credit cards with limited rewards and benefits.
Let’s talk about the Average American and Average Credit Statistics from FairIssaac
Your credit behavior directly impacts your credit score aka FICO score. You have three FICO scores, one for each of the three credit bureaus Experian, TransUnion, and Equifax
The median FICO score is 723
A top tier FICO score is between 760-850
700-759 is the next level of FICO scores
Below 700 and you need to get serious about your credit
What makes up your FICO score?
How Does Rate Shopping Impact your score?
Improving your FICO score
Payment History: 35%
Amounts Owed: 30%
Length of Credit History: 15%
New Credit: 10%
Types of Credit in Use: 10%
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It's like finding some change in the couch cushions.
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