Question by Living in Calif: FICO Score? Can someone tell me what a good FICO score is? I don’t know what my score is, but I’m going to find away soon, and I was just wondering what the range is for a good score, for example 600, 700?? Thanks much.I just found out that my score is 837. Is that really good? I think it is.
Best answer:
Answer by cgspitfire Go to FICO.Com. It’s a great site that gives you information on FICO scores as well as ways to help you maintain or increase your scores.
Question by veebeerah: FICO score?
I recently got married to a person with a lower FICO score than I do. If I add him to one of my credit cards as an additional user, would this lower my FICO score?
Best answer:
Answer by likepepsi No, it won’t affect your score. The account is still in your name and the other person is simply an authorized user of your account.
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What is my credit score is an important question to get answered for financial reasons. To know What is my credit score you will have to first understand What is a credit score. The credit score which is also known as FICO score is a concept created by Fair Isaac Corporation. Fico score is proprietary of Fair Isaac Corporation and hence the formula used to calculate the Fico score is under the wraps.
Credit score is a three digit number which defines an individual’s credit worthiness. Higher the credit score better is an individual’s credit worthiness and hence lower is the risk of lending to the individual.
From Bankers to employers many use credit score as a base to determine the financial risk. Hence it is very important to know how much is the credit score and try to improve the credit score as much as possible, though not everyone lends based on credit score.
Good credit score ranges anywhere from 825 to 650. Low credit score is from 575 to 650. Anything below 575 is considered as Bad credit score. For someone with a good credit score the rate of interest will be lesser as the risk associated is lesser compared with someone with a bad credit score.
Credit scores are determined based on the following factors.
1. Payment history
Payment history says about your past financial obligations and how quickly you met them. Problems such as bankruptcy will reduce your credit score. If you paid your credits promptly you will get a higher credit score.
2. Current debt
How much you owe contributes to your credit score. This factor considers the present financial position. If you are in debt with a large number of sources then obviously it is going to pull down your credit score significantly.
3. Duration of Credit History
If you are having a good credit history over a long period of time, then you will land with a good credit score. It is similar to someone with longer served experience is preferred over someone with lesser work experience. Having a good credit history over longer time period is important.
4. Number of Credit
If a person has more number of credit cards, then it gives a negative impression about the person’s finance and so it will lower the person’s credit score. Someone with lesser credit sources will be given a higher credit score.
Jean Chatzky is correct, you cannot get your FICO score–the score that is used by lenders–for free. However, if you want an approximation of that score, there are a few companies that will provide them for free. But keep in mind, that each free attempt will in fact add an inquiry to your report which has been known to lower your score. See credit score myths below. And all [except MY FICO] are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO hit. Only the FICO score from myfico.com is used by lenders to determine your credit worthiness. CreditKarma.com: Gives you your TransUnion score. But it is Advertising-supported. E-Loan: Experian score. If you visit their website, be sure to scroll down to “One-Time Credit Snapshots” and “Free Credit Score (Credit Score Only)” Prosper: Experian tallied. Feel free to ask any credit related questions in the comments section of this video. I’ll be happy to answer them if I can. ALSO, PLEASE FREEZE YOUR CREDIT REPORTS!!!!!! and please go to www.optoutprescreen.com to opt out of all offers of credit and insurance for 5 years. Don’t bother with the permanent opt-away. Credit score myths: Myth: You have only one credit score. You actually have three scores, one from each of the three bureaus (Experian, TransUnion, and Equifax). They use the same “equation” from Fair Isaac Corporation but they each collect their own data, they each have their own slightly … Video Rating: 5 / 5