There is an incredible amount of information that goes into determining your FICO score; however, it can be broken down into five main categories (in descending order, from most important to least important): (1) Payment History, (2) Amount Owed, (3) Length of Credit History, (4) Types of Credit Used, (5) New Credit. This is for the average person. For those who have a bery short history with credit in general, the numbers may be slightly different. *Quick note: How many recent inquiries you have had into your credit used to factor heavily when determining your credit score. Soon, if not already, this factor will be reduced, while the weight given to your debt-to-income ratio will increase significantly. Thus, one of the best ways to improve your credit score will be to reduce debt as much as possible in relation to how much money you make and how much credit you have available (this of course was always a major factor, but will become so even more soon). Notice that Payment history is the single most important factor. In fact, it accounts for a little over 1/3 of your FICO score. Paying your bills on time is extremely important. You can generally get away with making a payment late up to 30 days; after that, it will negatively affect your credit score. The second factor I listed, amount owed, accounts for a little less than a third of your score. Amounts owed is similar to your debt-to-income ratio. These two factors combined account for about 2/3's of your credit score! So, in conclusion: Make your payments on time, keep your debt low (don't just make minimum payments, and don't let your spending on credit cards increase beyond your means), and continue to do so for a long period of time (factor #3, another 15% of your score). If you cover these three bases, you will have over 75% of your credit score under control, and the rest is easy.
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
Which action will help increase a low FICO score?
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
Which action will help increase a low FICO score?
Fico is what one would call a peson's credit score. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score. A person's FICO score will range between 300 and 850
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
How your FICO score is determined is a will kept secret- but the main factors are how long you have had credit, the % of each credit line you have used, and late payments
900 Sorry, 900 is not it Highest FICO score is 850 http://www.myfico.com.
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.
The best place to go on the internet for information regarding their FICO score is the website called myFICO. The site provides everything one would need to know about their FICO score.
the only way to get your FICO score if to access your credit report if they can get your report they can get your score. check out www.thecreditguy.tv for more information
The FICO score ranges between 300 - 850.