This website uses cookies to ensure you have the best experience. Learn more

Fico Scores Essay

555 words - 3 pages

In the world we live in today having a good FICO score is definitely an essential in getting where you want to be in your future. From purchasing a new home, buying a new car, applying for a small business loan, to even applying for a job, your FICO score has a major impact in that decision making process.

FICO scores consist of a mathematical equation that evaluates many different types of information from your current and past credit history and your standings with those companies. An individual’s FICO score is consisted of 3 major agencies that track these. The three bureaus are Transunion, Experian, and Equifax. All three of these report and monitor in different forms but they are all a source of ...view middle of the document...

It is beneficial to always pay bills on time, keep your debt low and pay early on bills if possible or more than the required payment.

The world is evolving every day and in today’s society even getting a job can depend on an individual’s credit score. If an individual were to go and apply for a job at a local bank, working as a teller, that bank would definitely check for the credit score and evaluate his/her credit history. If the bank is going to hire a person, they want to know that they can trust that individual around money. If the bank were to check his/her credit history and that person was behind on an account and had debt that was unpaid, it is to be presumed that maybe that person would be in the need of money and trusting him/her around that amount of money would be a risk to the bank. So therefore he/she would not be hired for that reason.

Growing up many people are not well informed on FICO scores and how they can and will affect a person’s future and that is something we as a society should definitely focus on much more. Teenagers go to college and fail to see that getting a credit card is instant money but debt in the future. It will take time to be removed from the credit history, affects credit score, and it is realized when it’s too late. Taking initiative now and doing what’s important to stay on top of your credit and monitor it monthly is a great start and will pay off in the future. As adults, the American dream is to own your own home, car, and have a successful career. FICO scores have a great impact on each and every one of those goals. Only that individual has control of their credit so being aware is KEY!

Other Papers Like Fico Scores

General Knowledge Essay

4386 words - 18 pages increase in professionalism and readiness. Russia set up its main operations at an air base near Latakia in northwestern Syria in a matter of three weeks, dispatching more than four dozen combat planes and helicopters, scores of tanks and armored vehicles, rocket and artillery systems, air defenses and portable housing for as many as 2,000 troops. It was Moscow's largest deployment to the Middle East since the Soviet Union deployed in Egypt in the

Freedom And Responsibility Essay

2141 words - 9 pages Built within the Constitution of the United States are specifically defined freedoms that are guaranteed to all citizens. Conversely, with every constitutional freedom there comes a corresponding responsibility. On September 25, 1789, the state legislature’s twelve proposed amendments were transmitted by congress, the first two dealing with congressional representation and congressional pay. The following numbers three through twelve were

Hate Crime Laws

2348 words - 10 pages On June 7, 1998, 49-year-old James Byrd Jr. of Texas accepted a ride from three white men, who then beat him severely, urinated on him, chained him by his ankles to the back of their pick-up truck, dragged him for three miles into the countryside, and dumped his corpse in front of an African-American cemetery (Graczyk). A little over a year later, a jury sentenced ring leader John King to death by lethal injection (“Man Executed for Dragging

Rational Emotional Behavior Therapy Case Study Conceptualization And Treatment Plan

2140 words - 9 pages Rational Emotional Behavior Therapy Case Study of Sarah: A Conceptualization and Treatment Plan Rational emotive behavior therapy, REBT, was developed by Albert Ellis and holds the central belief that the events in our lives do not cause our disturbances but that they are instead caused by our view of the events (Murdock, 2009). Murdock (2009) states that “people are seen as responsible for their behavior” (p. 279) but, because they are

Holidays In Albania

1636 words - 7 pages Have you ever thought about having exciting and incredibly cheap vacations? Albania might be the right choice. According to My Travel Guide, Albania is ranked the fourth among ten places worth visiting in Eastern Europe (“Top 10 Eastern European Destinations”). One can encounter three kinds of vacations in this Mediterranean country: winter, summer, and cultural. The ideal places to spend your winter vacations are the Albanian Alps. They are

A Heart Of Darkness

1748 words - 7 pages In this short story, there are frequent significant subject and ideas that make the story, "A Heart of Darkness," by Joseph Conrad, and haunting novel. The main theme is absolute white power over the natives. The theme validates the corruption, and the dependence caused by the white people as they took over the Congo. White men were giving all the power; they had no self-control, and in the end they did not use wisely. The white men became

The Aspects Of Vulnerability Among The Exploited In Medical Research

2287 words - 10 pages Essentially, everyone is in some state of vulnerability. However, some of us are more susceptible to harm due to our vulnerabilities. The susceptible are the individuals with the greatest risk. These individuals risk the loss of their autonomy, and maybe even their lives. Vulnerable populations can be found in every subset of society. However, as previously mentioned, there are some vulnerable populations that are at an even greater risk than

The Hitchhiker’S Guide To The Galaxy

1171 words - 5 pages The Hitchhiker’s Guide to the Galaxy As the human race makes life-changing discoveries, it is made apparent that there is always more to learn as the universe, instead of becoming familiar, is becoming absurd. The Hitchhiker’s Guide to the Galaxy, written by Douglas Adams, as well as the 2005 film adaption, portrays absurdity to be an all-encompassing system in the universe. Through the introduction and attempt to understand lack of reason, the

The Ford Motor Company Wage Increase Of 1914 And The Theory Of Incentives And Efficiency Wages

1252 words - 6 pages ‘It’s not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages’ (Henry Ford, cited in Johnson and Weinstein 2004, p. 2). When the Ford Motor Company announced that it would more than double the wages of its workers in January 1914 to a ‘five-dollar day’ minimum, was this a contradiction to Henry Ford’s statement? If customers are actually the ultimate payers of wages, then more than

Historical Analysis Of The Economical Breakthroughs Of The Industrial Revolution

1396 words - 6 pages A Historical Analysis of the Economical Breakthroughs of the Industrial Revolution During the Industrial Revolution, many elements of society experienced huge breakthroughs that would change the way they functioned forever. Economics were definitely one of them. With many new inventions and many factories appearing, many, many, more resources were being created than ever before. Also, all of the revenue from these resources was being given to

Leadership Portrayed in Monologue from Shakespeare’s Henry V

1214 words - 5 pages Leadership is defined as a socially constructed process and which also affect organizational future outcomes. Leader is someone at high position who have overall duty for an organization, she or he decide what to do and the way how to achieve it. (Carter and Greer, 2013)The role of leader is extremely important for an organization, leader use their own power to influence the followers though many different ways such as motivation in order to

Related Essays

Informative Speech On Credit Score

1007 words - 5 pages to which is the key to your financial life. 2. Credit score ranges from 300 to 850. B. Credit score is often used as an interchangeable word for “FICO” score. 1. FICO is an acronym for FAIR ISSACS and COMPANY. 2. The FICO score was founded in 1956. a. Bill Fair and Earl Isaacs invented the system of credit scores. b. Hence

It Technology Essay

1418 words - 6 pages with low FICO scores, but the HMDA data show that this is unlikely to explain all of the change. The HMDA does not collect the actual FICO score(s), however it does collect applicant income, and the denial rates decreased after the LSAP announcement for all income categories. Some of the borrowers with low FICO scores pay less attention to improved refinancing possibilities, so that they did not even consider refinancing (Bubb & Kaufman, 2009

Goverment Essay

845 words - 4 pages things. If you don’t have credit and do get a loan interest rate and down payment is always more. 3. What are the top 2 factors in your FICO score? What actions can you take to earn the most points in these categories? Number one is payment history 35 percent of the total credit score is based on a borrower's payment history, making the repayment of past debt the most important factor in calculating credit scores. Number two is credit

Peer To Peer Lending In The United States

2041 words - 9 pages it can ultimately determine how much money you are qualified to receive. Whether or not this practice is followed in China, in the United States, it is the fundamental measure of how “good” or “reliable” a consumer you are.) 这种“FICO”得分,因为它是所谓的,范围可以从350到800,并估计你的未来信用风险水平。它是基于消费者的信用历史,一般地,与五个因素,特别是。它们是:a)付款记录(35%);二)所欠的款项(30%);三)信用记录(15%)的长度;四)新增信贷(10%);以及e)类型的信贷使用(10%)。时间每次为你付账单将带给你的分数了;在很短的时间内开了很多账户(贷款及/或信用卡)和失踪付款期限会降低你的分数。 This “FICO” score