Get Free Credit Score – FICO Report

Alison Cole asked:




If you are applying for a loan, the likelihood that lenders will accept your application depends on your FICO score. Also, if you are planning to apply for a mortgage, a credit card or an insurance policy, your application will also be judged partly on your FICO or other credit scores. Are you a bit confused on what FICO score is and how it is calculated? FICO score FAQs can be of great help. In the internet, there are lots of sites containing FICO Score FAQs and answers which can surely help you better understand your FICO score and how important it is to you and to your finances.

What is a FICO Score?

A FICO score is a type of credit score that?s widely used by lenders to determine the probability that borrowers will pay their loans and bills. This credit score is developed in the late 1950s by Fair Isaac & Co. At present, it has been recognized by most lenders as a reliable process of credit assessment and the Federal Trade Commission has approved it to be satisfactory.

What factors are considered to determine my FICO Score?

Lenders will primarily look at your credit history and information. And the factors in your credit information that have an impact in your FICO score are categorized into five ? payment history, outstanding debt, length of credit history, new credit applications and types of credit used.

How can I improve or repair my credit score?

Since your FICO score takes into consideration your entire credit or payment history, improving it is attainable, but can?t be done over a short span of time. The best thing that you can do is to always pay your bills on time and maintain low balance on unsecured debts like credit cards. Also, try to limit your credit accounts to the things you really need. Verify your credit report and be sure that all the information there is precise. Refrain from frequent credit application and see to it that your credit is checked only when absolutely necessary.

Cynthia

touchemupent asked:


I have a 592 fico and still need a cosigner? What score is need to purchase a vehicle no money down no cosigner?

Christopher

ehowfinance asked:

A FICO score is used interchangeably with the term “credit score,” and it is calculated by placing different weights that add up to 100 percent in different categories, including payment history. Find out how FICO scores are used by banks to determine if they want to give somebody credit with information from an independent CPA in this free video on FICO scores. Expert: Miranda Chook Bio: Miranda Chook is a CPA with expertise in international operations. Filmmaker: Bing Hu

Paula

John Rasor asked:




You know that your credit scores are based on your money management history – and if you’re working hard to rebuild your rating, it can be very frustrating to see the same old negative information showing up on your credit report. Unfortunately, there’s not a lot you can do except wait it out. Your new, good habits will show up, and that will help your score, but the old stuff will remain for a while.

A bankruptcy will stay on your credit report for 10 years, which will seem like an eternity until you’re looking back at it. Other negative information generally stays for 7 years, unless you can get the creditor to give you a letter to delete an item. An unpaid tax lien will stay there until 7 years after the paid date.

Of course, if you’ve proven to the credit bureaus that an item was in error, that will be removed immediately. What goes on the report?

Public Records – bankruptcies, court and default judgments, liens, and foreclosures. Late payments – listed as 30 days late, 60 days late, 90 days late, and 120+ days late.

Charge offs – Accounts that are in default and which the creditor has charged off and reported as a loss. Collections – An account that has been turned over to a collection agency. After the “bad stuff” your credit report will list all your accounts in good standing.

We don’t know the exact formula FICO uses to compute your score, but we do know that the more accounts in good standing, the better. So if your credit needs repair, keep as many accounts in good standing as possible.

You may not recognize the names of your creditors as listed on your credit report. It will help to know that “I” stands for installment loan, “R” stands for revolving credit, and “M” stands for mortgage.

If you get your credit report and see unusual names and can’t match them up with any of your accounts, do not hesitate to call the credit bureau that reported it – in fact, do it immediately. Only if you know who is reporting what can you address the validity of the entry.

And of course, if you find out “who” and you’re not familiar with the company, you need to file a protest immediately. You could be looking at a case of stolen identity. Consider requesting a fraud alert or even freezing your credit report.

Edith

Chad C asked:


I have heard all kinds of timelines and numbers of times you can have your credit pulled before it starts to hurt your fico. If you would like to shop your mortgage to different lenders before choosing who to go with, how many times can you have your credit pulled ( only by mortgage companies) and not have it hurt your credit?

Mathew