592 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


The Credit Conundrum
National Mortgage Professional Magazine
Five percent of the errors on consumers' credit reports have been found significant enough to put them into a different credit category, according to a 2004 National Association of State Public Interest Research Groups study. The inaccuracies ...


Five valuable credit report lessons
MyFox Philadelphia
Your credit report is a record of many your finance-related activities, including activity with credit card accounts and loans. It offers information about the balances you carry, how regularly you make payments (or miss them), if you pay on time, and ...


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 »

Correcting Credit Report Errors Could Get Easier
Fox Business
The campaigners' main objection has been that these companies have signally failed to meet their obligations under the Fair Credit Reporting Act to maintain accurate information in the credit reports they compile. In particular, it is alleged that ...

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 ...
Small Debts Can Lead to Big Credit Score ProblemsFox Business

all 4 news articles »

Money Matters: Credit Reports
News 12 Bronx (registration)
Upon request from a credit lender or bureau, credit reports are fed through a mathematical formula created by Fair Isaac Company to create your FICO credit score. The score is used by financial institutions across the world to make consumer credit ...

and more »

SPAIN: Review your credit report each year
Rapid City Journal
A. It's important to periodically review your credit report and clean up any errors on it. If there's an account on your report that's not yours, and it isn't being paid on time, that account can hurt your credit scores. Your credit report should be an ...


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 »

This is What Happens If You Never Check Your Credit Report
Fox Business
Pulling your credit report may not be the most exciting thing on your to-do list, but it's easy and it's free. Not to mention that if you never take the time to review it, you could be setting yourself up for a lot of annoying, time-consuming hiccups ...

and more »

Financing career change, bankruptcy and credit reports, purchasing the right ...
The Oregonian
Dear Liz: I am 48 and planning on a career change. I was looking at a culinary school website and it looks pretty exciting. It is a two-year, full-time program and the cost is about $65,000, which doesn't cover the dorm or apartment expenses for living ...

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