If you do not know what your FICO score is you really need to read and understand this article. Your FICO score is directly correlated to your financial and credit status. There are several different factors considered and you need to make sure that all the information is accurate.



It can affect the interest rates you pay on loans and whether or not your application for housing or employment is accepted in some cases. Always make your payments on time and this will reflect positively on your rating.



FICO scores generally range from 300-850



Under 500 then it is considered bad. Between 501 and 580 it is considered low. Between 581 and 679 it is considered average. Between 680 and 699 it is considered good. Between 700 and 850 it is considered excellent.



You can make intelligent decisions about loans if you know yours and you can get much lower interest rates. This will only help to improve your financial situation.



Make sure you know find out what your FICO score is and that the information is accurate. Take steps to increase your score like paying all your bills on time and try not to carry any credit balances more than 50% of the credit limit associated with that account. If you keep your credit balances high and close to your credit limit this will reflect negatively on you.



Younger consumers tend to think that this is less important than it really is. They younger you can start building a positive credit history the better. Before you know it, you will be older and suddenly you will wish your score is higher when you decide to buy a house or a car.



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