Pull out fact: Sometimes all it takes is a single missed payment to knock more than 100 points off your credit and put you as high-risk
When anyone mentions the word credit, most people cringe. Because even if you don’t have any credit or have OK credit, one missed payment can plummet your credit score.
A credit score is, as it may seem, very complex. It’s a three-digit number that does not function like a sports scoring system.
The purpose of the score is to predict the possibility that you won’t pay your bills. This can really affect your future in buying a car, house or many other things.
Your credit score or rating is a number between 350 and 850 that summarizes your credit worthiness. This score is also referred to as a FICO score, because Fair Isaac and Company developed it.
It’s best to have a high credit score, which means you’ll qualify for a lender’s best rates. But if your credit score is low, you don’t get “credit” for being a reliable customer. You’ll find yourself paying higher rates and extra fees for a lender to invest in you.
If you’re already in the bad credit boat, The Credit Repairmen can help steer your boat in the right direction. Call us today so we can better your credit score and get you out of the rut that keeps you paying more.