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Do You Know Your Credit Score?

While doing a little research on credit card statistics, I came accross an interesting story on www.CardWeb.com. The article discussed the impact of FICO credit scores on tha annual interest charges paid by consumers. Apparently, a 30-point increase in a consumer's credit score could save more than $16 billion in annual interest charges! The most dramatic savings occurs when the FICO credit score moves above 660. For a full view of the statistics from this study conducted by Providian check out the article "Score Savings".

So, I have to ask. Do you know your credit score? Do you know what impacts your FICO credit score? Some of the tactics most sane people consider sound money management, such as closing credit cards you don't use or need, can actually hurt your score. I encourage you to check out your FICO credit score and learn more about what impacts that score.

To learn more about the FICO credit score, visit the credit education section of TransUnion, Equifax, or Experian. To get a free estimate of your FICO credit, check out the FICO estimator at MyFICO.com. You can also pay to get your real FICO credit score from all three reporting agencies. Once you know your score, take action to improve it so you can save money on interest charges.

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