Your credit score is just three numbers but it dictates whether you’ll get credit, and what you’ll pay. Insurers use it to set premiums. Landlords use it to make renting decisions. You need to understand it.
Many consumers assume that paying bills on time automatically means having a high credit score. Unfortunately, that’s not always the case. There are many misperceptions about how scores are calculated. Yours could be lower or even higher than you might expect the score to be.
There are many credit scoring systems available to lenders, but FICO scores are by far the most commonly used. The system was developed by the Fair Isaac Corporation back in the 1960s. Technically, you have three different FICO scores — one for each of the three major credit reporting agencies.
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