As shared in our previous blogs being on top of your assets, liabilities, and personal balance sheets is vital, but knowing about and your credit score is just as crucial.
Credit is the trust between two parties, where one provides goods or services in which the other does not pay immediately but promises to repay in the near future, on time. This positive interaction builds creditworthiness.
Having good/excellent credit is VERY IMPORTANT! It will determine whether you can borrow money, and how much interest you will pay on the money borrowed.
Score Ranges/”Worthiness”:
300-620: Bad
621-675: Fair
676-715: Good
715+ : Excellent
Good credit can get you: Credit cards, Into an apartment, Loans (School, Car, Homes, Business), More
There are three credit bureaus: TransUnion, Equifax, and Experian. They send your credit data to FICO (Fair Isaac Corp.)-who invented the credit scoring system-to then develop your credit score.
We encourage you to find out-if you don’t already know-your credit score. If its not where you want it to be, take the next step to fixing it.
We are NOT credit experts nor a credit consulting company. We pay to gain knowledge and are willing to share the “wealth” (pun intended).