Page 9 - Book6E

CHAPTER 1
Understanding Your Credit
There are many benefits you will receive from staying with your FFEF debt-management plan. One of these benefits is an improvement in your credit score—a three-digit number that tells the world a great deal about how you manage your finances. Your credit score is important because it can affect your ability to buy
a car, a home, insurance, and can impact your ability to get certain jobs.
A good credit score makes it possible
for you to acquire secured debt such as
automobile and mortgage loans and non-
secured credit—credit cards. To help you
avoid the pitfalls of using your new bor-
rowing ability and to help you stay on
the road to eliminating debt, FFEF has
gathered the information in this booklet so you can make informed decisions and choices.
The FFEF Credit Score Review
Ask your FFEF Counselor about obtaining an FFEF CreditScore Review. This helpful Review will provide you with a copy of your credit report and your FICO credit scores—the same credit report and scores used by mortgage companies, banks, and other lenders when determining your credit worthiness. But more importantly, this
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Credit buying is much like being drunk. The buzz happens imme- diately and gives you a lift...The hangover comes the day after.
— Joyce Brothers