Photo Credit: Casey Serin
Extra, extra read all about it! Your credit score can be your friend or foe,
Educated Latinas, whom would you like to know?
The credit score that can be your friend,
And save you thousands of dollars in the end.
Or credit score that can be a foe,
That will give you an average house or car but with the highest note.
Ladies, ladies, which one will it be,
Lets us begin with a brief history.
In 1958 Fair Isaac Corporation came up with a plan,
To build its first credit scoring system that would permeate the land.
The system would gather a person’s personal information like a name, social number, occupation, and more to store,
The brilliant, sophisticated, and genius computer would then administer a credit report.
This report will display information for the lenders, the government, collection, and credit agencies’ to see,
Along with a three digit number that serves as reputation of character for you and me.
This significant number so special for Fair Isaac Company to claim,
Decided to use the acronym, “FICO” Score as the name.
I will fast forward up to date, so that it will be transparent to see,
How the Fico score can be friend or foe to you and me.
Frankly, it is very easy for the FICO Score to be a great friend,
I’ll try my best to make it simple for you to understand.
If you have a loan or you borrow money, make sure you make your monthly payments on time.
This great habit over months will have your FICO score higher in no time.
By avoiding late payments you are starting to establish yourself,
As a person of great intent to pay back, this will assist you to wealth.
With your FICO Score high the lenders will trust and give you more,
A whole lot more money for business ventures; school loans, or even a house to explore.
Loan or borrowed money if used correctly can be great,
The best of all, you can possibly get the lowest interest rate.
With the lowest interest rate you have more money in your pocket.
When you pay the loan back, you pay less to save more money in wallet.
These are some of the great perks you receive as the FICO Score being your friend,
They say the grass s greener on the other side; let’s check from the other end.
If you get into the habit of paying your bill or loan late,
Then the Fico Score as a foe you will awake.
You will find a realtor to ask a lender to see if you qualify for a home,
Your foe mad to the bone, mean in tone, says “You don’t qualify for a loan.”
You will fill out an application for a high paying job,
You think you are well qualified, but you ended up getting robbed.
You lost the job to a person that may have no school accolades from a university like you,
You see the person and ask, “Hey, you got the call to be hired. What did you do?”
The new hire said, “Well, if the question you insist, then answer I must,
In dealing with a lot of money, the boss said, you were someone not to trust.”
Mad and angry you reply, “Well how can the boss say that?”
The new hire looked at you dead in the eye, and replied “Your low fico scored and late payments told him that.”
You’re an educated woman, who went back to school,
But had to pay back a loan at a higher interest rate and played the fool.
Again I ask, “Your credit score is it your friend or foe,
Which one will you choose Educated Latinas, only you would know?”
Here are some websites so you can see,
How you measure up financially:
Annual Credit Report
(Disclaimer: A credit report is free, but you may have to pay a small sum for your credit score)
Until the next time we meet again, I hope you are getting acquainted with your new friend.