What is a FICO Score and Why Does it Matter?
There is a website that is designed to help consumers, from average to big businesses, manage and learn more about their Fico Score. There are plenty of ways to do that; from simple daily or weekly checks to make sure nothing has drastically changed, to taking advantage of some of their educational videos or the Q & A’s they have. Fico is an abbreviation of Fair Isaac and Co. The Fair Isaac Company customized some software in the 1980’s that determined a consumer’s credit risk. It is based on many things and you will see more in depth how they figure it out later on. It not only gives the three major credit bureaus’, which are Equifax, TransUnion and Experian, a number to base their own credit score off of, but some businesses and banks look directly at your Fico Score instead of or with the credit bureaus’ scores.
Some employers even look at your score to analyze the kind of person you are. Now, myfico.com is not a credit repair service. It can help you manage and understand more about your Fico Score and three Credit Scores, but cannot repair them. In other words, it helps you help yourself.
The Benefits of a myFICO Account
There are many benefits on having a myfico.com account. One is, simply, a piece of mind, knowing that at anytime day or night, you can sign on and check your Fico Score to see if anything has changed and there are even notifications for aspects such as when your score has changed enough to qualify you for a better interest rate. Another is to take advantage of some their educational resources to see how you can improve on your score because knowing more about your score can help you improve your score. In return, that can help you save money in the end by getting you the right credit card or a lower interest rate. Just being able to see what your Fico Score is based on helps. Your payment history and total amount of debt makes up 65 percent of your score. Then length of your credit history, your new credit and type of credit used makes up the rest.
There are many major benefits of myfico.com for someone who either is new at credit cards or has accumulated a lot of debt on them and all in between. There are plenty of calculators designed to help you figure out your credit card problems and questions, such as ‘What should your monthly payment on your credit card be?’ and ‘How much money can you save by lowering your interest rate?’ In addition, in the Credit Card Center of the site, there is a way to find the perfect credit card for you with plenty of options and choices and real up-to-date credit cards starting off with the reason you’re looking for the card to the benefits that you want out of one.
The educational videos and resources specific to credit cards are phenomenal. They range from lengthy articles on everything under the sun about credit cards to short little informative videos on the myths or the dangers of having credit cards. In addition, just about any question you have pertaining credit cards, the answer is on the site. The questions can range from how to use your rewards to how do balance transfers and everything in between.
How Does a FICO Score Help?
When applying for a credit card, the first thing most companies look at is your Fico Score. Your score determines not only whether you are accepted for the card or not, but also, the amount you can charge to the card and the interest rate you will be charged every month. The interest rate is major and can be practically pre-determined by keeping upon your Fico Score and following the educational resources on how to manage and/or make it better.
Therefore, myfico.com can help you in many ways. It majorly helps you when it comes to monitoring your Fico Score which in return helps you on all aspects of your credit. It shows you the areas that are negatively affecting your score, so you can work on getting them up to par with educational resources on how exactly and easiest way to do just that. It especially can help you when it comes to credit cards by giving you many priceless resources; from which one is the best for you, to information on every aspect of them. Overall, myfico.com is crucial for anyone, whether they are trying to start building credit with credit cards, already have established credit but want to manage it or someone who is in debt and wants to focus on how to get themselves a better score.