806 FICO 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


Pittsburgh Post Gazette

Credit scores to improve with settled debt, bills
Pittsburgh Post Gazette
The changes are expected to increase the number of people approved for loans, especially those shut out of the credit market due to medical debt sent to collection agencies. FICO representatives said consumers whose only major flaw on their credit ...
Credit Unions Won't Feel FICO EffectCredit Union Times
Changing FICO score calculationsGreenwich Post
No rush to a new credit scoreWorcester Telegram

all 14 news articles »

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


USA TODAY

Texas auto lender fined $2.75M for credit errors
USA TODAY
"When First Investors knowingly sent the wrong information to the credit reporting agencies, it put consumers with credit profiles that were already impaired into an even more perilous position," he said in announcing the enforcement action ? part of ...
CFPB Takes Action Against Auto Finance Company for Distorting Borrower ...InsideARM
CFPB Fines Auto Company $2.75 Million for Distorting Credit ReportsCredit.com News (blog)
US subprime auto lender fined over flawed credit reporting - agencyReuters
The Consumerist -Automotive News
all 87 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 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 ...


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 ...
Credit Check: What's Your Credit Score?Huffington Post (blog)
Will FICO 9 Fix My Medical Debt?NerdWallet (blog)
FICO Credit Score Changes ? Will Yours Go Up?Investopedia
Auto Credit Express (blog)
all 18 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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