A FICO Score is an acronym for the term Fair Isaac Corporation Score, a banking industry standard used to determine credit scores. Having a high FICO score is a good thing, as it means you have built yourself a good credit score, which shows businesses that you are trustworthy with repayments and loans.
Credit scores affect whether you can get credit cards and what you pay for credit cards, auto loans, mortgages and other kinds of credit. When testing to see what type of loans you are eligible for, most companies will base your approval off of your credit score. This means that having a high FICO score will always be a benefit towards those in a lending situation.
Do you plan on taking out a loan for a car or obtaining financing for a mortgage? A higher FICO scores can mean you are more likely to be approved and pay a lower interest rate on loans.
Even when you rent an apartment or obtain credit cards your FICO scores come into play.
It's important to know your FICO score and monitor it for any changes. Credit through myFico will alert you to fraudulent actions on your account and allow you to fix any attempted identity theft. What you can also be alerted you when a major change occurs in your credit score, such as a loan being taken out in your name or credit cards being applied for.
The monitoring service we recommend is myFico.com. This site gives you instant access to your FICO score and continuous monitoring of your credit actiivity from all three major credit agencies including TransUnion, Experian, and Equifax.
Start Monitoring your Fico Score Now
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