FICO is your individual financial score card.

If you want higher credit levels and lower interest rates, you need to up your FICO. Scores range from 300 to 850. Higher scores mean greater creditworthiness. Scores over 750 are excellent, over 720 very good and over 660 acceptable. Anything under 660 is considered questionable or risky. The average score is about 715.

A person with a score of 620 or less will probably pay about 1.5% more in interest than someone with a score of 760 or higher. Depending on the principle of the loan involved, that could add up to hundreds of dollars a month in extra payments. Read the rest of this entry »


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