769 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 Karma - Are There Strings Attached To Free Reports And Scores?
WFMY News 2
But that three digit number can affects everything from how much you pay for car insurance and a home loan to whether you get the job you just applied for. Credit Karma now says it will give you your credit report for free. That's in addition to your ...


Credit.com News (blog)

US subprime auto lender fined over flawed credit reporting - agency
Reuters
Bureau officials are concerned about how credit reporting mistakes hurt subprime borrowers, who are already subject to predatory lending and higher interest rates. Moody's Investors Service has said subprime auto lenders are behaving cautiously and ...
CFPB Fines Auto Company $2.75 Million for Distorting Credit ReportsCredit.com News (blog)
CFPB Fines Auto Lender $2.75M for Credit Reporting ErrorsThe National Law Journal (registration)
Subprime Auto Lender Fined $2.75M For Providing Inaccurate Information To ...The Consumerist
Automotive News -The Hill -National Mortgage Professional Magazine
all 13 news articles »

CFPB Fines Auto Lender over Flawed Credit Reports
American Banker (subscription)
CFPB Fines Auto Lender over Flawed Credit Reports. by Rachel Witkowski. AUG 20, 2014 1:07pm ET. The Consumer Financial Protection Bureau has ordered First Investors Financial Services Group to pay a nearly $3 million fine on charges the subprime ...


Credit.com News (blog)

3 Reasons to Check Your Credit Reports Regularly
Credit.com News (blog)
Are you afraid to check your credit reports and scores because you are concerned that doing so will lower your scores? It's a worry we hear all the time from consumers. But what if you learned that checking your credit won't hurt your credit scores ...
The smart ways to go into debtKERO-TV 23

all 3 news articles »

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 ...


Investopedia

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 ...
Is the Credit Karma Free Credit Report a Scam?SavingAdvice.com
Credit Check: What's Your Credit Score?Huffington Post (blog)
FICO Credit Score Changes ? Will Yours Go Up?Investopedia
NerdWallet (blog) -NuWire Investor -Auto Credit Express (blog)
all 18 news articles »

Investopedia

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 -Chattanooga Times Free Press
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 ...

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