A credit score is either a blessing or a curse cast down upon you from the digital cloud. A score of 740 qualifies you for the best interest rate on a conventional mortgage. A score under 640 means ugly interest, and a number under 620 makes it very hard to get a mortgage at all.

There are a wide variety of myths floating around about what you should and shouldn’t do to improve your credit reports and credit scores.

Your credit score is used by lenders to determine if you can get a mortgage loan and what interest rate they will charge you.  It is also used to obtain a car loan, cell phone contract –- even employers and landlords check it!  This is a precious 3 digit number you should try your best to protect.

Sometimes, people make bad decisions and they end up losing their house, car and credit cards that ruin their credit history.

The FICO credit score ranges between 300 and 850 which is used often by banks, lenders and financial institution to determine whether to provide you with financial solutions and at what interest rate. A rule of thumb is the higher the credit score, the lower your rate will be.