What is my FICO credit score?

Did you know today when you buy a home, apply for car insurnace, or even buy a TV at stores like Best Buy, your credit score will determine if you are approved and what interest rate you pay?

A Credit Score is a numerical representation of your credit worthiness. The majority of lenders use some sort of credit scoring model to help predict what kind of credit risk you may be. For each bureau’s score and personalized analysis. The score is based on five factors, Payment History, how much you owed compared with all of your available credit, length of credit history, how much new credit you have applied for, and the types of credit you apply for.

The first two factors account for roughly 60 percent of your fico score. The last three factors account for approximately 40 percent of your FICO score. Each of the 3 national credit reporting bureaus through Fair Issac's software to determine a FICO score. However, one bureau may have more or less information than another, therefore each Credit bureau could have a different FICO score than the others.


FICO Scores range from 300 to about 850, the higher your score the better. Consumers with scores of 660-680 or more generally get the best deals and fastest loan approvals. According to the nonprofit group N.A.M.B.. Those with scores in the 620 and below to 680 range usually don't have trouble finding decent rates for mortgages. Below 620 you are often charged higher rates.

This internet site will give you the official explaination of how your score is determined. You may want to skip this site if you don't want to read the detailed explaination.

www.myfico.com

It requires Acrobat Reader to view the information. If you don't have this program, there is also a link to download Acrobat Reader.

After you have read the official explaination of how great this FICO scoring system is, look at these articles to see some of the things you don't want to do that will make your score lower.

www.latimes.com

quickenloans.quicken.com

And, you might want to read how your score can affect insurance and even getting on an airplane:

www.consumersunion.org

www.kansascity.com

If you want to check on your credit score, here is information on how to do it. You will have to pay to see if you are being rated on false information(really doesn't seem fair as you should be able to find out errors for free). Be sure to check more than one site and read all of the fine print before ordering a supposedly FREE report to see what you really signed up for.

www.transunion.com

www.equifax.com

www.experian.com

www.myfico.com

www.creditreport.com