Credito Savvy December 2020 | Carolina Hoyos

Credit Salsas

Credit Salsas

You want a spicy 🌶️ FICO score, they say. Pero, ¿Qué es un FICO?

@Investopedia defines a #FICO score as the average of all of your credit history. It includes how many accounts you have open, how much debt you owe 💵, and how often you’ve paid those debts on time ⏰. And put together, this credit history is what lenders look for to see if they can trust you to pay back a loan. 🧐🏦

Los FICO scores start at 300 and can go all the way up to 850. 850 is a perfect score! Ay que picante! 🔥

🤑Excellent: 750 to 850

💰Good: 700 to 749

💵Mas o Menos: 640 to 699

💸Bad: 580 to 639

🚫Very Bad: 300 to 579

If you’re just starting out and haven’t built up any credit yet, start with a new credit card. Keep a small balance on the card but pay at least the minimum amount due every month and don’t take on more than you can handle. A good rule of thumb is to keep a 20-30% balance on the card. 🤓

Now, if your credit has suffered from spending more than you could afford 🙈 that’s ok! It can take just six months of timely payments to see your credit score go up and reach 🔥 status. And if you are fixing your credit, paying off your balances in full builds even more trust with lenders and will boost your score more. 😎

Now we can focus on our delicious comida and add some of that spice not only to our meals but to our everyday financial lives! ¡Que bonito es ser Latin@!

Want to learn more? Tell us what questions YOU have when it comes to credit in the comments below 🔗 You can also sign up for the latest financial tips by subscribing to our newsletter!

 

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