Credit Terms Explained…

 

First, some terms and acronyms!

~ FICO stands for Fair Isaac Corporation, which is a large company that provides the software that calculates your credit score.  One founder’s last name is Fair. The other’s is…you guessed it…Isaac.

~ Credit is a promise to buy now and pay latercredit-score

~ Credit risk is the likeliness of you paying back the debt

~ Credit reporting agency (there are 3 major ones) collect, maintain and provide information about your credit history

~ Credit score is the number that all of the above leads to! Your credit score is a number that is compiled to determine your creditworthiness

Credit scores range from 300 to about 850 and if you haven’t guessed by now, the higher the score the better your credit, and perceived willingness to repay a debt.  The 3 large reporting agencies are Experian, Equifax and Transunion, and for the purposes of obtaining a mortgage, your lender will use all three.  But your credit score is used for much more than just getting a loan to purchase a home. Credit card companies, insurance agencies, cable companies, cell phone companies and landlords are just an example of who may want to see your credit score and credit report before saying “yes” to your requests.

Here’s a great link to a booklet to find out much more about FICO and credit scores ~ http://bit.ly/2nmZmh9

And one to find out how to improve your current score ~ http://bit.ly/2mD1GAl

How’s your air?

It’s still heating season (insert frowny face here)…..and do you have any idea how your heating system is affecting your indoor air quality?

Probably not, who does?  When it’s keeping us warm we think it’s working correctly, and that’s all that we really need to know. Right? Wrong.

You may not be aware of this, but even if the system is putting out heat, it may not be working properly. For all systems (hot air, hot water) that use oil, kerosene, propane or natural gas, clogged or dirty filters, dusty ducts and cracks in heat exchangers are all things that could be happening behind the scenes.  The downside of this is not just burning more fuel than necessary; there could be health issues as well.

Minor health issues could be an increase of allergy symptoms (coughing/breathing/sneezing) but the major concern is carbon monoxide poisoning.  And that’s no joke or anything to fool around with. Carbon monoxide poisoning can start with headaches and dizziness but could end in death.

So while it’s almost time to shut that system down for the spring, I recommend you do 2 things right away.  Call your service company and have a full system inspection.  This is something that should be done every year, and they may not be as busy now as they will be next fall when everyone else is calling them.  The other suggestion is to install a CO detector.  Here’s a great site to visit to figure out which detector to buy and where and how to place them.  http://www.carbonmonoxidedetectorplacement.com/

placement

So while the threat of spring is in the air, we still have that heating system running and let’s just make sure it’s running right!