The way FICO scoring is done has recently been changed. They matter because that’s how your credit score is calculated.
When you want to buy something and need to take a loan out for it, your credit score impacts your loan terms.
FICO Score
So how will the change in FICO scoring affect your credit score, and, how it is good news? Here’s why this is really good news for your credit score.
Buying a home. Also, buying a car. And, there are many other things too. Having a good credit score affects so much of what we want to accomplish in life.
It affects so much in how we want to live our life and how we want to provide for those we care about.
Other things as well down road such as taking out a home equity loan to remodel or some other project.
Since it’s unrealistic to wait to make large purchases until we have all the cash we need for it, having a good credit score is crucial.
It’s optimal to buy autos for cash since they are depreciating assets, but, homes are different.
Next Step
Ready to take the next step and work with a fee-only CFP? Reach out to schedule a Discovery Meeting to learn more.