How Your Credit Impacts Your Success

Can your credit score determine how successful you are not just in your business but also in your everyday life?

Knowing your credit score can lead you into the right direction of becoming more successful. It is more important now than ever for you to check your credit score to make sure that it is not only accurate but at an optimal level. Every day decisions are being made based on your credit score. If it's too low, your credit could be costing you thousands of dollars each and every year. It could prevent you from getting a new cell phone plan, a new car or even a new job. But your credit score does not just show you how much in-debt you are financially; it also expresses how you manage everyday tasks, because it is base on your daily purchases, how on-track you are with your bills and how organized you and your business are financially. I created a quiz for you to take to determine how successful you are when it comes to your credit score:

1. All credit scores are the same, so there is no point paying extra to get your FICO Score.

   
   True or False

2. Your monthly and yearly income helps/hinders your FICO score.

   True or False

3. Paying a collection in full will give your FICO score a quick boost.

   True or False

4. Keeping your balances very low on your credit card accounts will help your FICO score.

   True or False

5. Closing an account that you have been late on will help improve your FICO score.

   True or False

6. Having just a few accounts on your credit report give you the best chance for a very high FICO score.

   True or False

7. Having many different types of accounts on your credit helps your FICO score.

   True or False

8. Checking your credit too often will hurt your FICO score.

   True or False

9. When you get married, your spouse's credit will help/hinder your credit.

   True or False

10. Having credit cards or loans that are charging you high interest rates negatively effect your credit.

    True or False

11. Having a high balance in your savings/checking account will help you improve your FICO score.

    True or False

12. Obtaining and using a debit card issued by your bank is an easy way to bolster your FICO score.

    True or False

Answers: 1) False, 2) False, 3) False, 4) True, 5) False, 6) False, 7) True, 8) False, 9) False, 10) False, 11) False, 12) False

Here is where you can take control of your life and become more successful. If you have gotten all of these correct, you are in a great financial situation. But if you got one or more questions wrong, you should visit www.thecreditrules.com to learn more about being successful with your credit.

Originally published by the Women's Leadership Exchange (WLE).

 

 

 

Follow Jeanne Kelly on Twitter: www.twitter.com/Creditscoop