Score High by Knowing this Little Known Facts about your FICO Score
Here’s what affects your Fair Isaac Corporation Score or commonly known as FICO Score:
- 33.3% of American non-credit and credit holders do not know their credit score.
- Did you know that having both of credit cards/any revolving debts and installment debts can actually help you get your highest possible credit score? Having a high credit score can help you in a lot of ways. Some of them are as follows:
(1) Can help you save in mortgage interest
(2) Can aid in lowering your auto insurance
(3) Can increase your probability of getting hired
- One thing that can lower your score is when the person from whom you have applied for credit or your creditor have inquiries regarding your credit account. On the other hand, getting a credit report on your own will not affect your score.
Interesting post. Very important stuff, especially for young people who are new to the whole credit thing.
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How does your credit score affect mortgage insurance?
They pull your credit when you apply. For example we have travelers insurance since they are associated with Geico, our auto insurance. When we moved I learned that while they could still write the policy it would be with one of their associated insurance companies. I asked her a few more questions and learned that if we moved out of their area, had a lapse in payment, or our credit score dropped. They wouldn’t drop us if they had an associated insurance company that would accept us. Sometimes the rate is the same, and sometimes not. In the case of bad credit, or a lapse in coverage, its usually a MUCH higher rate.