Tag: credit
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Your Credit Score: A Guide to Understanding the Basics
Posted On: June 30, 2020 by Falcon National Bank in: Your Financial Life | Personal Banking
What is a Credit Score? Credit scores are measured on a scale of 300 to 850. Your credit score is a representation of how much debt you have, your credit risk, and your likelihood of paying a bill on time. A few factors contribute to determining this, such as how many lines of credit you have and your financial records. The breakdown of what affects your credit score looks something like this: 10% – Types of Credit Used 10% – Recent Credit Changes 15% – Length of...
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How to Improve your Credit in 5 Steps
Posted On: October 8, 2019 by Falcon National Bank in: Your Financial Life | Personal Banking
Credit is important for pretty much all facets of adult life. Credit can be impacted by a number of different things. If you’ve been turned down for credit or you’re looking to buy a house, credit is pretty important. It could be that you just don’t have enough of it or maybe you made some poor financial decisions. Poor credit can be embarrassing, stressful, and expensive. In fact, poor credit can actually cost you hundreds of thousands of dollars in interest over time on a mortgage....
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3 Good Ways to Establish Credit and 4 Ways to Improve It
Posted On: August 13, 2019 by Falcon National Bank in: Your Financial Life | Personal Banking
Did you know… The average FICO score in America is 695 and the average Vantage score stands at 673. [source] Less than 1% of the population has a perfect credit score of 850. [source] Only 41% of Americans understand that a credit score measures your risk of not paying a loan, according to a joint survey from the Consumer Federation of America and VantageScore. Credit is important for pretty much all facets of adult life. Credit can be impacted by a number of different things....
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