Most of the time when we think of a FICO score the first thing we think of is how it affects our interest rates when shopping for a loan or mortgage. But there are several other ways it could affect you. Many employers may now check your FICO score when considering you for a job. Also, apartment managers may check it when you are applying to rent an apartment.
One of the major factors that affects your credit score is if you pay your bills on time or not. The more bills you have outstanding or have had outstanding is one thing that can make your score drop. Also, if you apply for or take out a lot of credit cards or department and store cards. One thing to try not to do is have a lot of available credit that you may not need. It is common at stores for them to offer you to apply for their card. Even if you don’t plan on using them, it can affect your credit score. They look to see how much available credit you have. The way they look at it is if you have all of that available credit, you could go out one day and go on a great shopping spree.
So when thinking about your credit score, the main things are keeping in mind how much available credit you have to your name and to keep your accounts current. Since even if you are not shopping for a loan or mortgage your credit score can affect you in other ways.