The most vital part of your financial well-being is your credit score, commonly called your FICO score because most scores are determined on the Fair Isaacs Corporation Credit scale. When we typically think of the importance of our credit scores, we think of how this little three digit number is used by creditors to judge our creditworthiness to obtain loans, mortgages, credit cards, and other financial products.
But a credit score carries much more weight than just the types of loans we can get and the terms of those loans, but also affects our ability to get the job we have been training for, the amount that we are charged for insurance, or even our ability to qualify as a tenant/renter of a decent apartment. Yes, the credit score is a powerful force in many aspects of our lives and can follow us around like a criminal record for years, wreaking havoc and allaying well-formed plans.
