603 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


Credit.com News (blog)

The Most Misunderstood Part of Your Credit Report
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If you've checked your credit reports or reviewed your credit scores recently, you probably noticed the section of your credit report called ?inquiries,? which lists the names of companies that have reviewed your report recently. While most consumers ...


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That being the case, don't you think you should know what that credit report says? 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.


Credit.com News

How to Handle Common Credit Report Errors
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Get smart about internet lenders and credit reports
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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 ...

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How To Scrub Your Credit Report Clean Of Costly Errors
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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
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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 ...


Investopedia

Don't Expect Big Score Boost When Unpaid Debt Falls Off Credit Report
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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 ...
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Will FICO 9 Fix My Medical Debt?NerdWallet (blog)
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Investopedia

Get a Free Credit Report More Than Once a Year
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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 ...
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The Top Credit Reporting Bureaus: How Different?Investopedia
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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 ...

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