Credit 101

It’s Important to Understand Your Credit Score

Starting out on the right foot.

Whether you’re buying a home, a car, or applying for a credit card – lenders want to know the risk they’re taking before they lend you money. FICO scores are the credit scores that most lenders use to determine your credit risk. Your FICO scores (you have 1 score from each of the 3 major credit bureaus) can affect how much money a lender will lend you and at what terms (interest rate). So, taking steps to improve your FICO scores can often help you qualify for better rates from lenders – which can save you hundreds or thousands of dollars!

FICO scores range from 300-850 – higher is better.

Your FICO score is calculated using the information in your credit reports. These reports contain all of the information that each credit bureau has on file about you. This sample credit report shows a few examples of the types of information that the credit bureaus collect, such as your credit accounts, how many times lenders have requested information about your credit (Inquiries), and how many times lenders have turned your account over to a collection agency (Collections).

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Please feel free to contact us with any credit related questions you may have.  We are always happy to help!

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