You’ve all heard the term “credit score.” You understand that folks can have a good credit score, an average credit score, and even, a poor credit score. Most of you understand that, in some mysterious way, credit scores determine one’s ability to obtain an auto loan, a mortgage loan, or a credit card. You may even know the numerical value of your credit score.
But, a credit score isn’t like an IQ.
We aren’t born with it. We didn’t take a test, so where did it come from and what is a credit score?
Enter Fair, Isaac and Company, the founding father of the credit score, also known as the FICO score. The company, founded in 1956, for the purpose of providing analytical and decision making services to the financial community, developed a credit scoring system just two years later. It was not until the latter 1980’s that their credit scoring system gained traction with banks and other credit providers. The FICO score is now the “gold standard” for all 3 major credit reporting agencies and the lenders using these credit reports to evaluate the credit risk of prospective borrowers.
Today I give you a few tips and tricks to fix your bad credit or build credit fast, ya know for times when you need credit immediately.
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