Credit Card-FICO

A very common misconception that people get is that the only way to make money is to find a job that pays a handsome salary or invest money in bonds, stocks, real estate, etc. Once people get that misconception, they travel outside their boundaries to search for the high paying jobs, even if they don’t like what they do. Some of them become superstitious and start believing in astrology and pundits to help build their financial dreams.

However, these people fail to realize that the personal balance sheet plays an important role in making money. How you handle your debt will play a great impact on your net 20 years from now as picking up the right stock. You have to put all the pieces of the financial puzzle to see the big picture. The first piece of the financial puzzle is the FICO score. Have you ever wondered why you pay 19-20% interest rates on your credit card while your friend only pays 5-6%? Or every time you apply for a credit card, it gets denied but your friend’s doesn’t? You’ll be surprised but the biggest culprit that is stopping you from being your friend is the great FICO score. FICO scores ranges from a minimum of 350 to a maximum of 850. If your score is anything below 500, you are asking for trouble.

If you don’t know your score and would like to get one, you should get a credit report from any of 3 credit bureaus. Get your credit report and your credit score and see whether you are a victim of credit card debt or identity theft.