If your credit score is good, you’ll know it. Pre-approved credit offers will be stuffed in your mailbox every day, and banks will likely bend over backwards to offer you the lowest rates on all types of loans. However, if your credit score is low or non-existent, you’ll be trapped in a world where loans are hard to come by and the rates and fees on loans you are able to get will be very costly. This can potentially add up to hundreds of thousands of dollars over a lifetime, all because of a three digit score that is calculated by a computer program. And to make matters worse, many employers and insurance companies are also using credit scores as a factor in making employment decisions and pricing insurance rates. So there is more risk at stake by having a bad credit score than just higher interest on loans. A low credit score can affect your life in many ways you might have never even imagined!Luckily, as the significance of credit scoring has increased, so has the transparency of how credit scoring works. Credit scores are determined by a mathematical formula run by a computer program. This program considers several […]

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