Why You Should Know Your Credit Score
Your credit score, commonly referred to as FICO (Fair Isaac Corporation) score, has become more and more important over the years. It can determine whether or not you qualify for a mortgage, and it’s now being used by insurance companies, employers, and landlords. You actually have more than one credit score. Each credit bureau has it’s own name for their scoring.
Other Names for FICO Scores
Mortgage companies use your middle credit score. Your credit score can affect whether you qualify, but it also can affect what type of interest rate you get and how much you may have to pay in mortgage insurance. You should keep track of your credit score by running your credit report once a year. The credit bureau links are located in the right sidebar of this website for your convenience. The best thing to do is run a triple merge credit report once a year. It will cost about $30 but you’ll get all three of your credit scores. You’re entitled to one free credit report each year, but that report may not show your credit score.