Good FICO (FICA) Credit Score: What It Can Do for You

Although FICO credit scores do not single-handedly determine the success of your credit or loan applications, this factor still comprises a big chunk of whether your application will be approved. Credit scores also significantly hasten the approval process, and having a good FICO credit score will definitely work towards your advantage. Below are three major advantages of a good FICO credit score.

1. Your loan applications will be processed faster. In other words, the time you spend waiting around for an answer will definitely be shorter. Good FICO credit scores are delivered almost immediately, allowing approvals to be made in a matter of minutes; when online, approvals could be transmitted in a matter of seconds. Good news for mortgage applications as you can get approved in hours instead of weeks, armed with a satisfactory credit score.

From their end, good FICO credit scores allow retail business owners, internet-based businesses, and private lenders to instantly make credit decisions.

2. Credit scores are definitely objective and fair. It doesn't take into account race, creed, nationality, gender, and marital status as provided by the law. Therefore, a good credit score represents a good credit score and nothing less. Lenders evaluate scores at face value, assuring that decisions are made objectively. In the slim chance that a good credit score is denied credit, the law requires the lender to state specific reasons for the denial.

3. Needless to say, good credit scores can, and will, trump over an old, bad credit score. Lenders who get a good score now won't let an old score get in the way. However, good scores can become bad scores if you allow them to. It is wise to protect your good score by making sure that you maintain a good history of paying off bill on time and generally practicing wise financial discipline.

Getting Free Credit Report from the Government

You can retrieve your free credit report and free credit score from the government as described in the linked article.

A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.

Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.

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