Have you ever taken the time to look up your FICO score? There are many people who don’t even know what this term means, yet not knowing about it can have a long term effect on your finances, especially if you are trying to buy a car or purchase a home.
What is a FICO Score?
A FICO score basically shows your current credit rating. It is what lenders use to judge how much of a risk you are if you are borrowing credit to make a major purchase. It takes into account how many credit cards you have, your history of paying bills on time, how long you have had credit and how much of your available credit you are using.
Why Does it Matter?
The higher your score, the less you are considered a risk by lenders. Your score can range anywhere from 300 and 850 with any score above 670 being considered good. When people have a very low score and major debt, it may be time to consider declaring bankruptcy, which surprises many people. The Law Offices of Todd Cushner & Associates is a great place to start if you have a poor FICO score and are facing crushing debt. Their knowledgeable associates can explain the bankruptcy process which can seem overwhelming to many. They are passionate about helping individuals navigate their finances and have helped countless clients regain their financial footing.
To learn more about FICO scores and bankruptcy, watch this informative video featuring founding attorney Todd Cushner, or contact us at (914) 600-5502 to schedule a free consultation today.
