468 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


3 Credit Myths to Stop Believing Today
U.S. News & World Report (blog)
First of all, your credit score is based on your credit report, so if the three major credit bureaus (Experian, Equifax and TransUnion) have differing information about you, your scores can vary. There are also dozens of credit scoring models that can ...
The do's and don'ts, how to prime your credit score before you house huntMilwaukee Journal Sentinel

all 3 news articles »

Freeze your child's credit report, thanks to new state law
Jacksoncountychronicle
MADISON ? There are times when freezing is a good thing, such as frozen pizza, ice cream and tundra. Add credit reports to the list. Thanks to the Child Credit Protection Act, Wisconsin parents can now authorize a credit bureau to create and instantly ...


Amendment to Fair Credit Reporting Act to Impact Debt Collection
ACA International
Sherrod Brown (D-Ohio), and Brian Schatz, (D-Hawaii), seeks to amend the Fair Credit Reporting Act (FCRA) to protect consumers from inaccurate credit reports and credit scores. The ?Stop Errors in Credit Use and Reporting Act? would make it easier for ...
Senate Bill Targets Credit Furnisher Responsibilities Under FCRAInsideARM

all 5 news articles »

Freeze your child's credit report, thanks to new Wisconsin law
Madison.com
There are times when freezing is a good thing, such as frozen pizza, ice cream and tundra. Add credit reports to the list. Thanks to the Child Credit Protection Act, Wisconsin parents can now authorize a credit bureau to create and instantly freeze a ...

and more »

Credit.com News (blog)

What Your Credit Reports Won't Tell You
Credit.com News (blog)
A credit report is a pretty simple concept: It's a report on your past use of credit and loans. That part is generally pretty easy for people to grasp. It's some of the other stuff on the report ? and the stuff that's not on the report ? that ...
What's your IQ on credit scores?Standard-Examiner
5 ways to jump-start your credit scoreScoopSanDiego.com

all 7 news articles »

Worried about the Target credit monitoring deadline? Don't be. But there's ...
The Plain Dealer
A freeze -- not to be confused with a credit alert -- locks up your credit report so lenders can't conduct a credit check. This simple feature makes a freeze more effective than credit monitoring in protecting you from new account fraud. You don't have ...

and more »

Clean Up Credit Before Finding New Apartment
Fox Business
Credit reports do not show records of evictions. According to Wayne Sanford, president of the credit consulting company New Start Financial, "If you are evicted, then it will show up as a collection as any apartment debt a consumer owes, such as ...

and more »

Your Credit Report WBZ NewsRadio 1030
CBS Local
The three large reporting companies, TransUnion, Equifax and Experian, will provide you with an annual free copy of your credit report, but you must ask for it. And only about half of all consumers ever follow through with this. You can get your free ...
Protecting You From Credit Report Errors, Unreliable ScoresHuffington Post
Protecting your future: Stopping credit report errorsGeorgetown News Democrat
American Consumer Credit Counseling Highlights the Importance of Credit ...IT Business Net

all 5 news articles »

Here's Why You Need to Check Your Child's Credit Report
Fox Business
Therefore, a credit report in the name of a child who has never applied for or been granted credit is likely a sign that something is amiss. Parents who suspect a problem may want to contact the credit reporting agencies to find out if a report exists ...

and more »

ABC News

When Should You Check Your Child's Credit Reports?
ABC News
Parents have plenty of reasons to worry about how their kids will handle money and credit. How can you get them to save? Will they get a good job when they are on their own? Will they pay their bills on time? How much debt will they rack up if they go ...

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