What Is a Credit Score?
Almost everyone heard these meaningful words - credit score. However, not everyone knows how this score information is compiled. Dealing with us you're sure to learn all facts about your credit report and score and their influence on your eligibility!
What is your credit score? Your score number is calculated by national consumer bureaus, more often using scoring model offered by Fair Isaac Company, and therefore called FICO score. Learn your FICO score online and be aware of what type of plastic card or bank center loan you qualify!
Almost all agencies in the USA use FICO formula, but every bureau uses its own version of calculation. Therefore get your credit report and score from the bureau your lender uses.
As you've understood, all bureaus calculate your FICO score, basing on the content of your credit report. It covers five factors, each affecting your rating scores at applicable degree:
- Your payments history ("on time", "late for payments" etc.)- 35%
- Overall amounts owed - 30%
- Credit history length - 15%
- New credit receiving- 10%
- Types of credit used - 10%.
The most intricate thing about your credit bureau score is its exposure to changes. On the one hand, you've chance to improve and increase your score, finally attaining the best score of 750-850, which is considered to be excellent rating. Just order your credit report and score online and start improving your history!
Nevertheless, credit score can be deteriorated, too. Late payments, errors in your report, bankruptcy and other factors can result in ruining even perfect score and turning it into the lowest rating.
Read more on how to improve your FICO score and how to re-establish your credit in related books. Get your free trial of online credit report and score right now and start your score monitoring!
How Can I Get My Credit Score?
Wondering "What is my credit score?" follow the simplest way to get the answer! Apply to credit bureaus and get your online report and credit score on the spot with the free trial! Get acquainted with our articles on credit and find out how your score contributes to your eligibility!
Naturally, your potential lenders consider also your income and kind of plastic card or loan you apply for. Still, your credit score is really a significant factor to take into consideration. Being numerical extract of your repayments' history it does give a clue what kind of risk you are. Find out your credit score now and apply for a card or loan you're most likely to get!
Once you check your report and score, make sure you apply to the same bureau your lender uses. Take into account also, that UK credit score calculating bureaus address another models.
According to FICO scoring model your score can be listed as bad with numerical value lower than 620. You're supposed to have fair rating, if your score is between 620 and 659. You're lucky to have good credit history, if your score exceeds 660. Get your report and score now and determine what cards or loans you're eligible for!
Logically, you can afford good card offers, having good credit rating. Otherwise you have to follow applicable ways to improve your score. Build good credit stepwise and you'll deserve the right to apply for good plastic cards and even start your own business, being granted small business loan.
Stop asking yourself - "How do I establish credit?" start acting! Having no credit history at all, you can apply for secured cards that require security deposit. Making payments punctually, you'll raise your score and switch to unsecured cards for limited credit, then to fair score cards, and finally, to good plastic cards!
Many people are surprised getting their 3 bureau credit report and finding therein suspicious accounts that they didn't open or some inquiries they didn't make. Also, many people suffer from disillusion caused by sudden credit score deterioration. Be cautious meeting these strange signs, you may have become credit fraud victim!
National bureaus do offer fraud preventive services. The most effective one is credit fraud alert, placed on your report. Every time someone is making any kind of application for plastic card or loan, a bureau will verify the information with you. Initiate fraud alert on your report and exclude the risk of identity theft!
Mind, good credit score demands responsible attitude. Take care of your rating, monitor you credit report, dispute errors occurred, you prevent your score reduction.
Planning to apply for a card or a loan, read our articles on credit and get insight of your opportunities with respect to your FICO score. With low score you can afford applying for limited credit cards for every day spending.
Learn, how to raise your score from respective articles, and repair your rating efficiently! Attaining fair rating, you'll reach half-success. In other words, you'll be half-way from your credit "positiveness", or eligibility for good score cards.
Being tortured by numerous questions about FICO score, such as "What is the highest credit score?" or, for instance, "What is the average rating?", and many others, relax and feel free to find answers with us! Use our services with pleasure, get your report and score the day you apply for them and build your credit history wisely!