What is My Credit Score and Why Should I Care About It?

If you're like many people, you may not know exactly what a credit score is or understand how it affects you. Does this description apply to you? Then this article is for you! Your financial worthiness is determined by your scores. "What is my credit score?" is an important question you should ask yourself if you want a loan.

By doing a bit of research, you can discover where you stand when it comes to your score.You can find out which of two categories you fall under. If you're in the "bad" category, you won't have an easy time getting a loan so that you can purchase a new car or a new home.

This is why it is so important for you to keep track of your FICO score.

Before any company decides to give you a line of credit, they will look at your score. It is your number that determines what sort of buying power you can have. That is why asking, "What is my credit score?" is so essential.

There's still hope even if your credit isn't so good and you've been dropped down to the grey list. What it means, basically, is that you defaulted in a few payments. You're seen as a possible risk. If you make consecutive payments for more than a year or so, you'll eventually amend this.

But what if you're in the black list due to your score being so poor? Then for the next five years, you won't be able to get credit of any sort in any part of the world. That's why you are absolutely right to be curious about your credit score. It's important to review it yearly.

You can obtain your credit report free of charge once a year from each the credit reporting agencies. There are also many accounts and financial advisors that can help you better understand your score and how it functions. You can pick up some really good advice that will help you raise your score.

Asking, 'What is my credit score?' is one of the most important questions you can ask for your financial life.

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