Finance 101: Taking steps to improve your credit

Mass Appeal

(Mass Appeal) – No one wants to suffer the hardship of poor credit – especially when you are applying for a mortgage or a new car loan. But if you find yourself at the low end of a FICO score, there are ways to raise it. Todd, from Cambridge Credit, joined us in studio 1A with more.

According to Todd, your FICO score is the recognized authority in the credit scoring business. Scores range from 300-850 and anything 600 or below is considered poor, so the higher your number is, the better off you will be.

Tips to improve your score include paying on time – consider setting up an automatic payment schedule. Dispute any errors that you may see on your credit history and if possible, have them removed. Also keep in mind it may take years – even months – to see your credit go up, but a good credit score will save you hundreds or even thousands of dollars over the life of the loan.

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