Credit Score: Raising Your FICO Credit Score
Even if you have the cash to buy a home, did you know your credit score can affect the amount you pay for auto insurance, home insurance and all other types of insurance? Many insurance companies determine risk by using your FICO credit score, this is called a "credit-based insurance score". Having a good credit score will lower your insurance costs.
Now that you're resigned to the fact that credit is going to be a part of your life, why don't you do what you can to get a higher credit score? Getting a higher credit score will get you better credit card rates, mortgage rates, auto loan rates and insurance rates.
Have you ever wondered how credit scores were determined? There are bascially five factors that affect FICO credit scores and managing these factors appropriately can raise your credit score.
Taking a proactive approach to manage your credit will improve your credit score. You are also entitled to a free credit report annually, although if you want to get your credit score that will cost you.
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