Understanding FICO

The following is a guest blog post:

As an investor, you know it’s important to make your money work harder for you. But if you’re like many investors, your knowledge of FICO credit scores may let you down. Many American investors don’t understand how their FICO credit scores can impact their finances, or how the investment decisions they make could impact their FICO credit scores.

No matter what type of investments you make, you should have a basic knowledge of FICO credit scores, their components, and how they’re calculated. You can put your financial knowledge to the test with the Test Your FICO Credit Score Knowledge quiz from Health IQ. While this test doesn’t delve too deeply into the nitty-gritty of FICO credit score issues for investors, its questions address a broad range of credit score topics that all Americans should understand.

Do you know how to improve your credit mix, credit history, or borrower’s payment history? What about how opening new accounts or shopping for loans will impact your credit score? Choose the best option from the multiple choices and get instant feedback on your selection. You’ll get a virtual pat on the back when you get questions right and more information about the questions you get wrong.

Take the Test on Your FICO Credit Score Knowledge quiz and see how your knowledge of credit scores stacks up to other Americans’. Invite your friends to take the test too, and compare your results. Whose knowledge of credit scores reigns supreme? Or visit Health IQ’s daily quizzes to find more quizzes on credit history or insurance.

2 thoughts on “Understanding FICO

  1. It’s crucial to get a firm understanding of what your FICO credit score is and how it’s calculated. Once you understand fully how it is calculated you will be able to start working on improving your credit score. It still amazes me how many people don’t understand the impact their credit rating will have on their entire life. Your credit score is the most important three digit number if your financial life. Start by getting a free copy of your credit report and then look for errors. You can either do this yourself for free or hire a legitimate credit repair company who will do this on your behalf.
    CreditZeal.com recently posted…The 411 on FICO ScoresMy Profile

    • Hi CreditZeal.com,

      I agree that knowing your credit score is important if you want to take on debt as that can reduce your cost of borrowing. Of course, the best is to not rely on credit at all and save and pay with cash when you can. Besides, credit scores are dynamic and can go up and down over time so there’s no real need to worry about having a low credit score unless you are in the process of taking on more debt which probably isn’t prudent to begin with.

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