FICO scoring is a system that lenders and underwriters use to determine what your interest rate on a loan is going to be. If you buy a house or car, the mortgage or the loan is determined by you credit report and your FICO score.

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Many people nowadays are getting hosed when it comes to credit. Whatever you want to blame it on–recession or depression or just bad habits–it’s tough to deal with. The worst of it is that when the economy bounces back, you won’t have the credit that it will take to be a player in the game.

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