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


Savvy Consumer: Financial housekeeping includes cleaning up your credit report
Fort Worth Star Telegram
Widely dispersed by the media this week, the report also said that one in three Americans with credit reports had collection problems hanging on their credit histories. But a closer look at the report showed that some of these issues were as small as ...
7 Steps in Dealing With Debt CollectorsForbes

all 4 news articles »

SavingAdvice.com

Credit Karma Adds Free Credit Reports
SavingAdvice.com
Credit Karma went back to its roots with the announcement the company will now offer free credit reports in the same way they offer free credit scores. That is, those who sign up for their service will now be able to access their credit report at no ...


Bankruptcy Court Refuses To Dismiss Class Suit Claiming Bank's Credit ...
JD Supra (press release)
On July 22, the U.S. Bankruptcy Court for the Southern District of New York rejected a bank's motion to dismiss a putative class action adversary proceeding alleging that certain of the bank's credit reporting practices violated U.S. bankruptcy law. In ...
Creditors: delete a discharged debt from a credit report or face possible ...Lexology (registration)

all 2 news articles »

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 ...
The red flags bankers see when you apply for a mortgageCharlotte Observer

all 5 news articles »

Forbes

Credit Karma Now Has Free Weekly Credit Reports, Without A Catch
Forbes
San Francisco based startup Credit Karma runs a website that helps consumers monitor and manage their financial health. Credit Karma has been offering access to free credit scores for a while, but today it announced free weekly credit reports. At first ...
Credit Karma Rolls Out Free Weekly Credit Reports (Yes Really)TechCrunch
A Free Credit Report With No Strings Attached. HonestBusinessweek
Google Capital-backed Credit Karma now offers full credit reports for freeVentureBeat
Yahoo Finance (blog) -Wall Street Journal (blog) -Houston Chronicle
all 20 news articles »

CNBC.com

A third of consumers with credit files had debts in collections last year
Washington Post (blog)
About 77 million Americans have a debt in collections, a new report finds. That amounts to 35 percent of consumers with credit files or data reported to a major credit bureau, according to the study released Tuesday by the Urban Institute and Encore ...
A common credit report surprise that will cost youCNBC.com
One third of Americans have debt in collections, study finds. Cause for concern?Christian Science Monitor
One in Three Americans Has Debt in Collections; So What?Wall Street Journal (blog)
Forbes -eCreditDaily.com -Slate Magazine (blog)
all 403 news articles »

Yes, Credit Score And Credit Report Are Two Different Things
TheStreet.com
Many people use the terms credit score and credit report interchangeably. Everyone from journalists to consumers often refer to a credit score when they mean credit report and vice versa. Credit reports and credit scores contain different information ...

and more »

Free identity-theft protection, credit reports and credit scores are there for ...
Charleston Post Courier
In 2012, hackers infiltrated the S.C. Department of Revenue's computers, stealing financial information from millions of taxpayers that included credit card and Social Security numbers, but concerns about identity theft seem to have since faded away ...

and more »

Credit.com News (blog)

Can You Get a Debt Collection Account Off Your Credit Report?
Credit.com News (blog)
But for many of us, the longer struggle can be the patience needed to see our credit scores bounce back, or the time it takes for late pays and collections that occurred a couple years back to finally drop from our credit reports. Waiting for your ...

and more »

How to Dispute Credit Report Errors
U.S. News & World Report (blog)
If you've never pulled your credit reports before, you may want to request all three to begin with and ensure that each one is error-free. Otherwise, pull a different report every four months so you can check up on your credit throughout the year. Keep ...

and more »
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