There really is no way around the truth: You are judged by your credit score!  One of the most important numbers in your life is your credit score.  The lower your credit score the more you will pay in interest rates on mortgages, auto loans, credit cards, etc.   Simply stated, life just becomes much more difficult to navigate and more expensive when you have a low credit score.  

A very crucial component of your wealth-building strategy must include acquiring a high credit score and never letting it fall beyond 750.

While it is certainly true that F.R.E.D can help you acquire a mortgage based on a low credit score of 580, such as the ever-popular FHA mortgage, there is just no comparison to the opportunities and negotiation power you have when your credit score is above 750.

A credit score is a number that is used to predict how likely you are to pay back a loan on time. Credit scores are used by companies to make decisions such as whether to offer you a mortgage or a credit card. They are also used to determine the interest rate you receive on a loan or credit card, and the credit limit.

Credit scores are very often referred to as FIC scores.  FICO is the most commonly used scoring model for lending and credit decisions in the United States; though there are other scoring models that exist. 

A FICO® score is a particular brand of credit score.  Generally, FICO scores range from 300 to 850 where the higher the score you have, the greater the chance you have for approval of applications for credit and loans.  Consumers have a FICO score from each of the three credit reporting agencies -- Equifax, Experion, and Transunion. However, because there are other scoring models that exist, it is important to remember that not all credit scores available for purchase online are FICO scores.

FICO stands for the Fair Isaac Corporation. FICO was a pioneer in developing a method for calculating credit scores based on information collected by credit reporting agencies. Today, other companies also have credit scoring formulas (“models”), but most lenders still use FICO scores when deciding whether to offer you a loan or credit card, and in setting the rate and terms. Banks may also use FICO scores when approving checking and savings account applications and setting the terms of those accounts.

Just like there is no single credit score – there are several companies that create scores – there is also no single FICO score. Like all credit scores, FICO scores depend on the contents of your credit report. There are three major agencies that collect credit data -- Experian, Equifax, and TransUnion. Because the credit reporting data at each agency can be different, your FICO scores may be different depending on which agency’s data is used to calculate it. FICO also has different variations of its basic scoring model tailored to different types of lenders (for example, home loans or car loans). So you could have several different FICO scores, even when they are all calculated from the same credit agency’s data.

The F.R.E.D Network has credit repair professionals that can assist you in repairing your credit report and ultimately boosting your credit score.  

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