A credit score is a 3-digit number based on your credit history. Credit scores summarize how well you handle debt. Credit scores also help lenders assess the risk they would be taking by extending you credit. Higher credit scores typically help you qualify for better rates from lenders – which can save you money!
The mortgage loan assistance programs meant to help homeowners avoid foreclosure and modify mortgage loans can reduce credit scores as much as 100 points.
Since 1989, FICO has developed several generations of the FICO… Read More »FICO 8: What to expect from the newest version of the credit scoring model
The FICO Expansion Score takes nontraditional credit items and calculates a credit score but consumers can be harmed by this type of credit score
The obvious ways bad credit affects consumers is known but bad credit can affect basic needs such as car insurance rates, renting and employment opportunities.