Credit Score Review – Episode #86

Credit Score Review

When you get your credit score or credit scores, you need to review your score(s) to find out where you are and where you need to go.

To evaluate where you are, you need to know what kind of credit score you have. Is it a FICO credit score? One of the non-FICO credit scores? Once you know this, you need to look at the range of the credit scores to see where your credit score rates. By rates, do I mean percentile vs. others? No , that’s not that interesting, Who cares how you compare to others if the whole group is doing poorly? For instance, it used to be that a 720 was a great score and now a 760 seems to be the new great credit score. Therefore, you need to know where your score falls in relationship to the interest rates charged by credit score.

myFICO.com has a great chart on their home page that shows the relationship of credit scores to interest rates. This shows you where you fall. Have a great score? Great, make sure you get educated to keep your score high. We recommend FICO score monitoring product Score Watch. Low score? You might be tempted by those ads to raise your credit score. Don’t mind them, you can raise your score on your own. Even the FTC agrees with this. Don’t get tempted by credit repair shops as well. If anything, you want to seek out credit counseling from a U.S. Department of Justice approved agency.