Your FICO score is an important piece of information that can reveal much about your financial health and habits. This score comes into play in many situations. A prospective employer may look at your FICO score to get a better understanding of how responsible you are. Landlords can use this information to determine whether you make payments on time and keep up with your financial obligations. Your FICO score will tell a mortgage lender whether you can afford a home, and it will let vehicle lenders know if they can trust you with a purchase.
With many sources looking at your FICO score, you need to have a solid idea of what this number looks like as well. Do you know whether your score paints a solid picture of you as a potential borrower? In April 2017, the average FICO score was 700. Lenders consider this number to reflect good credit. A score between 630 and 689 is fair, while anything 629 and below is poor.
If you’re not happy with your FICO score, testing your knowledge with Health IQ can help you find ways that you can raise your score. This score is based on the length of your credit history, your mix of credit, your payment history, your new credit, and the amount of debt you owe. Your payment history has the largest impact on your score, while credit mix accounts for only 10 percent of this determination. If you want to improve your credit score, brush up on your FICO knowledge. Take a quiz on FICO scores to better understand where you stand and what you can do about your score.
Love Counting My Pennies?
Sign up to get our latest content by email.