Get Free Credit Score – FICO Report

americasccu asked:

America’s Christian Credit Union President/CEO, Mendell L.. Thompson talks about FICO Score – The New F Word

Tom

W. M. Blake asked:




Your FICO score is one of the most important components of your overall credit rating. Most people have little or no idea what it is or how it’s calculated, however.

FICO gets its name from its founder, the Fair Isaac Corporation. It is a number that falls between 400 and 800 indicating a person’s credit worthiness – 400 being the least worthy and 800 being the most. There are variations of the calculation used by other companies, but FICO is still the most widespread.

The specific calculation is a closely guarded secret, but people have been able to figure out many of the important factors by reverse engineering the score.

Late payments will cause the score to drop. The later they are and the more common they are, the larger the drop.

Another element of the FICO score is the amount of debt being carried, relative to the total you have available to you.

A score falling below 620 is considered below average and anything under 580 is a poor score. 720 and up is considered to be very good. The range between 620 and 720 is less defined, and if your score falls in this range other factors will often hold more weight in credit decisions.

Mortgage companies, banks and credit card companies all use the FICO score as a significant factor when you apply for credit. Your score can also have an effect on how good an interest rate you are offered.

Over the last two decades, the lending industry has undergone some significant changes. The increased use of computers, and particularly the internet, has caused some major changes to be made.

This is quite likely one of the reasons the FICO score is considered so important – it is a relatively cut and dried way for credit worthiness to be determined quickly and with no personal interaction with the applicant.

If your FICO score is not as good as you would like, there is really no fast solution. As you pay off your debts and make your payments on time over a period of time, your score will gradually increase. It’s a matter of being responsible and ensuring your payments are not late or missed altogether.

Erica

Tom Tessin asked:




If you just recently received your credit score, and you want to know where you stand, I wanted to show you how you can rate yourself among most of the Americans out there. Every person out there obviously has a unique credit score, and if you’re looking to rate yourself among the others, here’s where you most likely stand with your credit range score.

800+ — This is the best that you can get. You’re going to get the top of the line loan, and banks won’t have any problem lending out to you.

700-799 — The 700 range is still fantastic. You’re not going to be frowned upon, but then again, if you’re striving to be the best, you still have to hit the 800s. Regardless, if your score is anywhere in the 700s, you have nothing to worry about.

675 – 699 — When you start to reach the 600s, you’re starting to get to the borderline when it comes down to interest rates, and other things. Sure, you will still get approved for a lot of credit related items, but you will have to most likely either pay fees, or look into a higher interest rate.

620 – 675 – This isn’t the OK category anymore, it’s the danger category. A lot of banks and lenders are going to be very hesitant on lending to you. In fact, you’re going to find that it’s going to be fairly hard to get a loan.

Anything below 620 is going to be hard for you. Hopefully this chart will give you a better idea on what everything is all about, when it comes to your score.

Herbert

FICOTechTalk asked:

How can improvements to the FICO® score help businesses and borrowers? Through rigorous analysis of new data samples, FICO™ has been able to increase the predictive power of the FICO® score by 5-15% for some consumer segments, which means smarter lending decisions. In addition, the new FICO® 08 score has a better way to avoid fraud from authorized user accounts, while enabling individuals to build their credit through becoming an authorized user on a spouse or parents account. These are among the improvements to the FICO® 08 score, which is available now to credit grantors from transunion, and coming soon to Equifax and Experian. Darcy Sullivan of FICO™ interviews Lisa Nelson, FICO™ vice president of Scoring Solutions for this FICO Tech Talk.

Annette

Viennarealestate asked:

Many home buyers wait to submit a loan application and review their FICO scores. But if there is a “ding” and you are below 720 then you will have to jump though some extra hoops. Cleaning things up may take a month or two to appear and impact your FICO score. So, this is Step One…

Lucy

rbarnesdotcom asked:

A little advice from The Frugal Agent. Video from my breakfast table

Marjorie