Poor Credit May Cost You More Than You Think

Picture Courtesy of http://www.doughroller.net

At some point, most of you have either heard about or are very aware of your FICO score.  FICO stands for Fair Isaac Corporation.  Your FICO score is a three digit number, ranging from 300 to 850.  Most lenders will use this number to determine if they should lend you money, and if so, at what interest rate.  So you knew that already did you?  Well, did you know that more employers are using FICO scores and credit reports to pick job candidates?

According to Black Enterprise Magazine, in an article written by Sheiresa Ngo, more employers are using credit scores to determine if a future employee is trust worthy.  According to the author, even current employers will run credit reports when trying to decide if someone should receive a promotion.  What does this mean for you?  If you haven’t run your credit report recently, now is the time! You have to know what is there in order to manage not only your credit but your reputation.  Keep in mind that people have more information about you, and will draw conclusions about the type of person you are before they even meet you.  Second, make a plan.  If your credit score isn’t what you want it to be, make a plan on how you will build your score up.  Lastly, provide yourself with tools to succeed.  Knowledge!  Pick up books like Suze Orman’s Women & Money: Owning the Power to Control Your Destiny.

And don’t forget to pick up the January 2011 issue of Black Enterprise!

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