LFB Financial Summit "Your FICO score"

Financial Lesson: Know your FICO score

Who should ignore: The filthy stinking rich because you can pay cash on everything

Who should pay attention: If you sometimes barely have enough to buy yourself and ice cream cone. Then you may need a car loan, student loan, house loan, etc. Also if you get a little impatient to save for 30 years and pay for your first house in cash.

Why is it important? In a nut shell this is how important this score is to the credit world, the higher the score the more money you save, the lower the score then the more money you will have to pay. Suze Orman basically compares it to the SATs of the financial world.

How is this created? If you have any type of credit history of any kind, then it reported to the three major credit bureaus and remember that each of them has their own FICO score. You should purchase your score from them once a year, especially around the time you are planning on taking out a loan (it will not show up on the annual free credit report)

How does this relate to my money? Companies may use any one of the three or all three to determine the lowest interest they are willing to give you on a loan. You may not understand how interest works but most people at least understand the higher it is the more money it stands for coming in or going out. For loans, the more money taken out of your pocket.

Where can I go for further information? Go To the link below. Be sure to click on About FICO @ scores to see how FICO scores are calculated therefore you can see how you can improve it and it's not complicated

http://www.myfico.com/

Extra Info You Just Might Care About: FICO stands for Fair Isaac Corporation created by Engineer Bill Fair and Mathematician Earl Isaac in 1956