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A good fico score will prove your credit worthiness to lenders. Often times referred to as your credit score, a fico score can do one of two things for you. A fico score can get you anything in the world that you could possibly imagine, or it can get you absolutely nothing.
A good fico score is primarily a score that falls between 700 and 850. The fico score range can coincidently be as low as 300. Someone who has never established any credit at all will often times, have a low fico score. The worst part of your fico score is this score can either make or break you.
You need a good fico score for everything in life. However obtaining a great score is often times seen as a chore in it self. Many lenders are weary to lend money to someone who does not have an outstanding fico score, or who has nothing to show on their fico report. In the credit industry you basically win for losing.
When you are starting out in the world at the precious age of 18, the sad news is you won’t have a sufficient credit score to do anything. Many lenders will turn you down again and again, because you do not have a sufficient amount of credit history established. This can often times cause a lot of heart ache for someone who is trying to become established.
A few pertinent steps that you can take as a means to develop a great fico score, and show your credit worthiness to the world are:
-Purchase a cell phone that accompanies a contractual agreement- Many cell phone companies such as T-Mobile, Alltel, and Verizon will work with people who are trying to establish positive credit history. Cell phone companies report your payments to all three of the major credit bureaus. These bureaus are Experian, TransUnion, and Equifax.
-Purchase a vehicle- If you don’t have any credit at all, it may seem difficult to purchase a vehicle from a renowned dealership. Try pursuing a dealership that allows in home financing, many of these dealerships may seem incredibly high. But, the truth of the matter is after you prove your credit worthiness by submitting your payments on time every month; you will be given more options down the road.
The current economic recession, has proven that the only thing that can save you in today’s society is a good fico score. Many people are in a haste to rectify their poor credit history as a means to be able to support their families. The best solution to credit problems is to pay what you can when you can afford it.
Millions of people are filing bankruptcies left and right, the sad part is they are ruining their fico score more then improving it. A bankruptcy has the ability to stay on your credit report for 10 to 15 years. Plus, it shows lenders that you are not a responsible buyer.