Know More About Credit Facts
Here are some credit facts you should know:
- Author of The Everything Improve Your Credit Card Book, Pritchard, Justin said that an average American has: 13 credit accounts (9 credit cards, 4 installment loans). Those who do not have credit cards will not have a credit or
FICO score.
- Bill Fair, an engineer and Earl Isaac, a mathematician founded a firm on 1956 named as Fair Isaac. This is where FICO or Fair Isaac Corporation was based. During the mid-1980’s, the first credit bureau-based scoring system was developed by the two of them.
- Credit score wise, VISA, MasterCard, American Express, Discover, and Diner’s Club, which are some of the major credit cards American’s use; are better than department or finance companies.
- Statistically, 1 in 6 Americans uses 80% or more of their available credit limits while most of them uses less than 30% of what’s available according to Weston, Liz.
Another fact is your credit history will affect how much you pay for auto insurance.
Thank you for the additional fact Dee. Yes credit score affects how much you pay not only on auto insurance but also for home insurance too.