Your credit score—that three-digit number that represents your creditworthiness—plays a surprisingly major role in the direction your life may take, perhaps in ways you haven’t considered before. Many people know that a high score may improve their chances of getting a loan, and maybe an attractive interest rate to go with it. However, besides lenders, many other businesses are looking at your credit score—some of which may surprise you.
Both auto and home insurance providers calculate your premiums using a number of factors, and your credit score is an important piece of the puzzle. Those with higher credit scores typically have lower insurance premiums than those with poor creditworthiness.
If you have poor credit history, your electric company likely won’t deny you service, but it may require a large deposit when you first sign up. However, by making your payments on time each month, the company may return the deposit after a specified period of time.
These days, it’s not uncommon—and is perfectly legal—for hiring managers to check the creditworthiness of prospective employees. It’s their way of gauging reliability and responsibility among its future workforce. While they may not be looking at your score, they can pull your credit report which contains the information about your credit history that feeds into your score.
The most commonly used FICO (Fair Isaacs Corporation) credit score ranges from 300 to 850. A FICO score of 750 to 850 is considered excellent. According to myFICO.com, those with a score in that range have access to lower interest rates and better loan terms than those with lower credit scores. Generally, a score above 700 suggests good credit management.
If your credit score happens to fall below 700, don’t panic. There are a number of things you can do to rebuild your score—or maintain the good one that you have. Although there is no “quick fix,” you can raise your credit score over time by following the steps listed below.
Maintaining or rebuilding a good credit score takes patience, discipline and a strong financial partner to guide you along the way. Jemma Financial is here to help you learn how to start managing credit responsibly. We understand the importance of this little three-digit number that can change the course of your life. It can be the deciding factor in whether you get a mortgage, lower insurance rates, or even your dream job.
Need assistance? Call 855.662.2121 or email info@jemmafinancial.com
Important Notice
You are now leaving the Jemma Financial Services website and will be entering the Charles Schwab & Co., Inc. (“Schwab”) website.
Schwab is a registered broker-dealer, and is not affiliated with Jemma Financial Services or any advisor(s) whose name(s) appear(s) on this website. Jemma Financial Services is/are independently owned and operated. [Schwab neither endorses nor recommends {Name(s) of Investment Management Firm(s)}, unless you have been referred to us through the Schwab Advisor Network®. (This bracketed language is for use by Schwab Advisor Network members only.)] Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with “Name(s) of Firm(s)” under which Schwab provides Jemma Financial Services with services related to your account. Schwab does not review the Jemma Financial Services website(s), and makes no representation regarding information contained in the Jemma Financial Services website, which should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
IMPORTANT NOTICE
You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
This will close in 0 seconds