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One of the most important steps you can take, when it comes to your finances, is to know your FICO score and keep a close eye on where your credit stands. There are hundreds of factors that can affect your FICO credit score, some of which can be errors which are not your fault. So make you you keep track of your credit score and report, so that you can detect and report any unusual changes.

FICO credit scores and credit reports are calculated using information about your past and present financial activities. This includes your balances and payments to credit cards, mortgages, utility bills, car leases, and other loans. The better you have been in the past with making payments on time and managing your debt, the better your credit report and FICO score will be.

FICO scores range between 300 and 850

700 – 850 — Excellent or Very Good Credit

680 – 699 — Good Credit

620 – 679 — Okay or Average Credit

580 – 619 — Low Credit

500 – 580 — Poor Credit

300 – 499 — Bad Credit

Knowing where in this spectrum your FICO score is located can help you determine the types of loans and interest rates that you can expect to receive. The more you educate yourself on your own personal financial situation, the more you can do to improve it and make the most of your money.

Make it a priority to know what’s in your credit report and what your FICO credit score is. If you let your credit score drop, it could take many years to get it back on track, and could also lead to financial disasters.

How Do I Check My FICO Score and Credit Report?