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!