Surprisingly a lot of people do not know what their FICA score is.
This is a number derived from the mayor loan companies that state your credit worthiness.
If you are planning to obtain a loan than this numeric number is very important to know because companies will decide if they will approve your loan application based on that number.
The average credit score is around 678 but it can range between 300 and 800.
The score is derived from the information that comes from the 3 mayor loan companies, Equifax, Experian and TransUnion.
If you never have had a loan or credit card before than you probably have a high FICA or FICO score and this will make it easy to obtain a loan against beneficial terms.
But if you do have multiple loans or credit cards than your score will probably be very low and than it will be very hard to obtain a loan.
In general if your score is above 500 than you have a very good chance that your application will be approved.
There is yet another important reason why you should know what your score is.
Because it is a numeric value of the strength of your credit it will also decide the amount of money you can borrow and the accompanies interest rate.
People with strong finances are always able to get better terms with their loan and they can also borrow higher amounts of money.
If you have a score below 500 than it is probably not smart to apply for a new loan but better to resolve your debts first.
If you are in serious debts than it is better to seek guidance with credit repair companies instead.
To know what your FICA score is you can often obtain it for free with online loan companies.
This is a number derived from the mayor loan companies that state your credit worthiness.
If you are planning to obtain a loan than this numeric number is very important to know because companies will decide if they will approve your loan application based on that number.
The average credit score is around 678 but it can range between 300 and 800.
The score is derived from the information that comes from the 3 mayor loan companies, Equifax, Experian and TransUnion.
If you never have had a loan or credit card before than you probably have a high FICA or FICO score and this will make it easy to obtain a loan against beneficial terms.
But if you do have multiple loans or credit cards than your score will probably be very low and than it will be very hard to obtain a loan.
In general if your score is above 500 than you have a very good chance that your application will be approved.
There is yet another important reason why you should know what your score is.
Because it is a numeric value of the strength of your credit it will also decide the amount of money you can borrow and the accompanies interest rate.
People with strong finances are always able to get better terms with their loan and they can also borrow higher amounts of money.
If you have a score below 500 than it is probably not smart to apply for a new loan but better to resolve your debts first.
If you are in serious debts than it is better to seek guidance with credit repair companies instead.
To know what your FICA score is you can often obtain it for free with online loan companies.