428 Credit Score

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What Is A Credit Score or FICO Score?

A credit score, also known as a FICO Score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk. The most widely used credit scores are FICO scores, the credit scores created by Fair Isaac Corporation.

What Makes Up a Credit Score?

Your FICO score is essentially made up of the following:

   * Payment History – 35%
   * Total Amounts Owed – 30%
   * Length of Credit History – 15%
   * New Credit – 10%
   * Type of Credit in Use – 10%

How can I Rank My Score?

Scores are assigned a numeric value of between 300 and 850. Here is the general scale and what the scores may mean:

700 and above: Excellent / Very Good Credit. You are considered a low credit risk by institutions and would generally qualify for the lowest interest rates and repayment terms.

680 -699: Good Credit. You will usually be approved for loans with favorable terms.

620-679: Reasonable Credit. You are a moderate credit risk, and while you won’t usually be refused credit, you will not be able to borrow at the best rates.

550-680: Poor credit. You may have to shop around to find a lender willing to approve an application for you, and your loans will be quite expensive.

below 550: Very bad credit. You are considered a high risk customer and will have difficulty finding lenders. You will have to look seriously at some strategy of ‘credit repair’.

AnnualCreditReport.com is a website sponsored by TransUnion, Experian and Equifax. Users can request a free credit report from each service once a year.

Credit Reporting, Repair and Protection

Credit Report News

Business Insider

How to Handle Common Credit Report Errors
Huffington Post (blog)
Every time I check my credit report, I wait for it to load with bated breath. I know being enrolled in credit monitoring has me covered on a daily basis, but you never know, right? One of these days, I could find a bunch of incorrect information ...
Learn all about credit scoresJackson Sun
How Closing Cards and Student Loans Affects FICO ScoresFox Business
Too Many Americans Are Completely Clueless About How Credit Scores WorkBusiness Insider
all 12 news articles »

Go Banking Rates

Get smart about internet lenders and credit reports
Cape Gazette
The internet is an incredible resource for information and research, but consumers should exercise caution when dealing with internet-based mortgage lenders. Also, they should not depend solely upon online services that provide credit reports. In many ...
How a Deferred Student Loan Could Keep You From Buying a HouseCredit.com News (blog)
How Your Credit Score Determines Your Auto Loan APRGo Banking Rates
Breaking Down Debt: How 4 Different Loans Affect Your Mortgage-WorthinessForbes
TheStreet.com -DigitalJournal.com
all 23 news articles »

What does your credit report say about you?
MSN Money
That might seem like common sense, but a poll conducted for WisePiggy.com by Op4G found that a third of Americans have not checked their credit reports within the past year. Furthermore, more than a fourth of Americans haven't taken even the most ...

How To Scrub Your Credit Report Clean Of Costly Errors
Errors can land on your report when lenders, banks or credit bureaus get it wrong. Nevertheless, it's your responsibility to get them fixed. ?Credit reporting agencies don't have an obligation to correct anything on a credit report unless you tell them ...

NerdWallet (blog)

Everything You Need to Know About Medical Bills on Your Credit Report
NerdWallet (blog)
If an unpaid medical bill makes its way to your credit report, your credit rating could suffer for years. Not sure exactly how medical bills affect your credit and how to deal with the fallout if you end up in collections? Take a look at the details ...


Don't Expect Big Score Boost When Unpaid Debt Falls Off Credit Report
Fox Business
My husband has an unpaid credit card balance from Chase on his credit report. We live in North Carolina. The last time payment was made on this balance was in 2007. Can I assume this balance will fall off some time this year? Will it be a huge impact ...
Credit Check: What's Your Credit Score?Huffington Post (blog)
Will FICO 9 Fix My Medical Debt?NerdWallet (blog)
FICO Credit Score Changes ? Will Yours Go Up?Investopedia

all 18 news articles »


Get a Free Credit Report More Than Once a Year
Kiplinger Personal Finance
Consumers are entitled to receive a free credit report annually from each of the three major credit bureaus: Equifax, Experian and TransUnion. It's the law. These free yearly credit reports can be requested online at AnnualCreditReport.com. But for ...
Credit score confusion and navigating changesWFLA
The Top Credit Reporting Bureaus: How Different?Investopedia
Rental payments will now be part of your credit reportNews 10NBC
USA TODAY -Bloomberg View -Fox Business
all 25 news articles »

It's Disturbingly Likely That Your Credit Report Is Wrong
Huffington Post
The 47-year-old father of two has good reason to stay on top of his credit rating. In 2012, he says, he found out that the three biggest credit bureaus in the country had made a whopping mistake on his credit reports: They were each reporting that he ...

Minneapolis Star Tribune

Credit Karma begins offering free credit reports as often as weekly
Minneapolis Star Tribune
No credit expert is recommending that consumers should check their credit reports weekly, but the new deal finally allows consumers to check their report at no cost more than once a year. Until now, a free credit report and score could only be ...

New York Times

Credit Scores vs. Credit Reports
New York Times
The advice from most mortgage professionals to first-time home buyers is to begin sprucing up their credit at least six months before applying for a loan. Credit scores and credit reports are readily available for purchase online, but figuring out ...

and more »
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