Get Free Credit Score – FICO Report

FairIsaacTechTalk asked:

How can knowing your FICO® score help you get through the current credit crunch? By understanding how credit scoring works, you can take the right actions to improve your credit health. Find out how in this short video from Fair Isaac, the creators of the FICO® score that is used in most lending decisions in the US Youll learn how the kind of information at www.myfico.com can help you avoid credit mistakes that will hurt your score, and how Fair Isaac is helping consumers learn about scores through programs like the Scores on Statements initiative. Darcy Sullivan of Fair Isaac interviews Shon Dellinger, Fair Isaac vice president of consumer solutions, for this Fair Isaac Tech Talk. www.fairisaac.com/techtalk

Pearl

DrewDownsManagement asked:

How to increase your credit or fico score in a matter of days. Please contact me for assistance with increasing your scores.

Carrie

JaguarPaw1 asked:

Financial Chemotherapy now offers Credit Enhancement services. Credit Enhancement is for people who want to maximize their time and increase their FICO Score to purchase Insurance life, Home, Auto Loans in 30 to 45 days. Each trade line can increase your Fico Score by 25-75 Points on Average. Take advantage of this product and at the same time fix your credit. We have seasoned/Primary trade lines from 3 to 20 year from sophisticated investors that will permanently stay on your credit report. Its like putting make-up on but the make-up will stay forever! Contact Financial Chemotherapy at 973-440-8661

Edwin

60MinuteLoanMod asked:

(Click “More Info” to see full video script!) www.60minuteloanmodification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http Our credit scores have become much more than simply a financial reward for prudent use of credit. With the information explosion of the past 25 years, credit scores have become a measuring stick used by prospective employers, insurers, private investigators, marketers and lenders of all types. Further, during the economic run-up of the past 7 years, a persons FICO score became a status symbol of the new real estate wealthy class. And so, it is with great trepidation that many of us face the untenable prospect of trashing our good credit standing by missing payments as part of a real estate workout with the lenders. But, tough times require tough decisions by tough people. And, like in any impending emergency we can minimize the damage and speed the recovery by understanding it and preparing for it. Specifically, you should know: 1) how the credit rating system works, 2) how much damage will be done by a mortgage late payment, short sale, deed-in lieu, foreclosure, and bankruptcy, 3) street-smart ways to minimize the damage and 4) street-smart ways to speed our recovery. Most of my clients miss 3-5 mortgage payments and most suffer at least a 100-150 point FICO decline. Not fun, not financially rewarding, and not something to be proud of …

Jacob

David Kamau asked:




The FICO credit score is a three-digit number that is used to assess your credit worthiness. While there are many other types of scores out there, this is the one most creditors use.

Why is the FICO score rating so confusing? For starters, not all credit bureaus offer the true FICO score. Only one of the three major credit bureaus offers this score.

To add to the confusion, each of the bureaus refers to their scoring by a different name. This is mainly for branding purposes, but also because the bureaus that don’t offer the FICO score want to promote their own scoring model.

The three major credit bureaus do not share the same information. Each creditor chooses which bureau they will deal with. It’s completely up to the creditor which bureau will get the information about you.

This is why it’s essential to check all three reports. Each one contains different information and all three may not have the same creditors listed.

You must examine your report from all three major bureaus before applying for any large loans such as a mortgage loan. Try repairing any errors on all three reports before shopping for any loans because it takes time to correct your score and a minimum of 30 days to fix trade line mistakes.

A common myth is that credit counseling can hurt your FICO score.

Any of the credit scoring models don’t know you’re dealing with a credit counseling agency. Credit counseling is not the same as debt consolidation. The latter often requires that you close open accounts, which may hurt your score.

But credit counseling by itself will not harm your score. FICO credit score rating systems ignore any reference to credit counseling that may be in your file.

The scoring researchers found that people receiving credit counseling are not likely to default on their debts any more often than those not getting counseling. Yes, people who commit to counseling sometimes fail because they cannot deal with the strict debt management rules.

Credit counseling may hurt your ability to get approved for a loan because you probably have had trouble paying creditors and that will show up on your report. Some lenders may back away from loan approvals if you are in credit counseling but this differs from lender to lender.

Darren

Mr. Detroit asked:


Hey, I’ve just been blessed with a nice advance from an entertainment company for 150k. I wanna get some advice on what debt should i pay off first. My fico is 430 and im trying to buy a house but i have some car repo’s, credit cards and 1 apartment as well as student loans. Please if anyone has advice on how to turn it around cuz i have the money now to pay off debt. Thanks!

Joy

Zach Ford asked:




A FICO score is the statistical representation of the information contained in your credit report. Your score is the product of this information being processed through a complexed mathematical formula, resulting in a numerical score within the range of 300 and 850. Banks use this number to determine the risk involved in all types of loans; the lower the risk, the lower your interest will be.

The most important thing you can do to maintain a high FICO credit score, is to make all of your bill repayments on time. By keeping up with your bills, you will demonstrate a positive financial reputation, resulting in a higher score and more respectable interest rate. On large loans, such as mortgages, having higher credit status can save you hundreds of dollars each and every month.

The average American FICO score, which is viewed by lenders as a fair/good level of credit, is approximately 700 to 725. This average US credit score falls on the higher end of the scale, thus making most Americans eligible for standard federal interest rates. Those who find themselves below the average mark, will be subject to a higher interest rate to counter out the increased risk that payments will be missed or late.

Consumers who manage to maintain a credit score that is above the US average will be rewarded with the lowest interest rates and most favorable loan terms. It really does pay (literally) to stay on top of your credit.

It is absolutely essential, for anyone interested in maintaining a healthy FICO score, to frequently check their credit report. By checking your credit report online, you will be able to detect any errors, fraudulent activity, or out of date information, which could be negatively affecting your score. There are several website which offer this service for free, so be sure to check your score and check it often!

Adam

curious asked:


I have three credit cards with the oldest account about 2 years old. I do not need or want a car loan or a mortgage. What is the maximum score I can acheive with just keeping credit cards. Also, will I be considered a high risk since I have no other type of credit obligation? My credit limits are not very high on the accounts that I do have. At what Fico score should I apply for another card to receive a high limit account?

I carry hardly any balance on any of my accounts. I use them and pay off the balance at the end of the month just to have a ontime payment history.

June

Chris Wight asked:




Have you heard of a FICO score? This is the score that the major credit bureaus give you based upon numerous criteria that allows lenders to see how well you do at repaying your debts. However, what can identity theft do to your credit score? It can ruin you in a very short period of time.

To prove the case in point, as much as 35% of your FICO score is determined based upon your payment history. This means that if your identity is stolen and someone is racking up credit in your name without paying the bill each time a payment is missed your credit score is taking a hit. This can reduce your score dramatically over just a few short months with missed or late payments. In the case of identity theft you are typically dealing with missed payments which hurts even more than a late payment does.

Another major hit you can take is 10% of your FICO score is dependant upon new credit that is opened. If you are the victim of identity theft you have likely had at least one if not several new accounts opened, these accounts can really hurt your score because they are all new forms of credit that have been opened. By themselves, this typically does not hurt your FICO score that much, but when added up with the 35% chuck for payment history you can see how this can really hurt you quite quickly.

Your next problem is in the amounts owed. If you are the victim of identity theft then you likely have had a new account opened, which is most likely also maxed out. This means that you owe a huge amount of money suddenly that you are unaware of. This can really reduce your credit score very quickly because the amount owed on your credit file is as much as 30% of your FICO score. Add to this the 35% for payment history and 10% for new credit and you are looking at a whopping 75% of your credit score that is at jeopardy based upon identity theft alone.

The next major blow is to your length of credit history. As new accounts are opened, the average life of your credit file changes to accommodate these new accounts. This can change your score by as much as 15%, which means added up with the other 75% already at risk you are looking at a 90% impact to your credit score for the worse. Imagine how quickly identity theft can leave your credit report and score in shambles and suddenly protecting yourself from identity theft is very important.

Dora