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When you have no credit history at all what is your starting FICO score?
Wiki User
∙ 18y ago
Well my experience has been that you may have a credit score of N/A. The way to build your credit fast and have a high credit score is to be added to a persons credit card as a authorixed user or a co-signer (make sure that that person hasn't been late EVER, or your score could be in 500s) If that person has had that credit card for at least 2years or more than your score could be in the low to mid 600's. Then just use the card (bring balance to at least 60% of credit limit) then pay it off, due that for a couple of months and your score, like mine could be in the low 700's and i am only 20 years old.
Wiki User
∙ 18y ago
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Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
What does your credit score start out as?
There is no starting credit score. The FICO credit score ranges from 300 to 850, but if someone doesn't have any credit at all, the score will be reported as N/A. According to the Fair Isaac Company (FICO) you need 6 months of account information in order to get a FICO credit score. The score itself will be determined based on several factors such as your utilization rate, type of account, payment history, inquiries, etc....
How can a FICO credit score be obtained?
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 is FICO different from credit history?
FICO is a company that takes your credit history and uses it to create a numerical representation of your credit risk. You history determines your score. It is an important distinction because you may be denied credit or pay a higher rate due to either a lower FICO score or something in your credit history. Many people with good scores fail to understand that a prior late payment on their home or something of similar impact in their past may cause they problems despite a good score.
Is FICO the only credit score company?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
Is FICO score and credit score the same thing?
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
What does your credit score start out as?
There is no starting credit score. The FICO credit score ranges from 300 to 850, but if someone doesn't have any credit at all, the score will be reported as N/A. According to the Fair Isaac Company (FICO) you need 6 months of account information in order to get a FICO credit score. The score itself will be determined based on several factors such as your utilization rate, type of account, payment history, inquiries, etc....
What does a 9003 fico score mean?
Score not available due to lack of credit history.
How can a FICO credit score be obtained?
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 is FICO different from credit history?
FICO is a company that takes your credit history and uses it to create a numerical representation of your credit risk. You history determines your score. It is an important distinction because you may be denied credit or pay a higher rate due to either a lower FICO score or something in your credit history. Many people with good scores fail to understand that a prior late payment on their home or something of similar impact in their past may cause they problems despite a good score.
Is FICO the only credit score company?
No Fico is not the only credit score company. There are three major credit companies as well as Fico. Experian, Equifax and Trans-Union. Each one will give you a different credit score as well
FICO Reports Credit Report Score?
Fair Isaac Corporation is the major credit scoring company that compiles your credit scores from your payment history. Your credit scores indicate the risk involved that you will not default on your payments. If your score is 300 to 400, you are a major credit risk. If it is 750 or up to the highest at 900, you are an excellent credit risk. FICO reports your credit history to the three major credit bureaus. Go to FICO's website and check your raw credit score by paying a small fee. Compare it to credit bureau reports.
What is a FICO score?
A FICO score is a numerical evaluation of your creditworthiness as a borrower. If you take a loan (such as a mortgage) out, this score helps the lender evaluate your ability and willingness to pay back that loan. The FICO score attempts to determine the likelihood you will repay your bills based on a number of factors. Your FICO scores are computed by credit bureas based on your history. The three major credit reporting bureas are Experian, Trans Union, and Equifax, each of which computes a score based on a unique model. While credit bureaus do not reveal how exactly the FICO score is computed (which has been ruled acceptable by the Federal Trade Commission), the following factors are known to be among the determinants of your FICO score: * Amount of Credit Used vs. Amount of Credit Available (e.g., have you maxed out several credit cards?) * Late Payments on Credit Cards * Employment history * Length of Time at Current Residence * Negative Credit Events (e.g., bankruptcies, collection agencies, etc.) Note that never having had a credit card or loan isn't necessarily good for your credit score, as you will simply have no credit history on which to judge your FICO score.
What is max credit score?
The maximum credit score based on FICO is 850.
What are the 3 credit agencies that make up the FICO score?
Credit bureaus don't make up a FICO score. FICO score are based on the information on a consumber's credit bureau file. There are 3 credit bureau's are: Equifax Trans Union Experian
Where could one get a free Fico credit score?
Fico credit score can be found at MyFico. In there one can get information about his credit score as well as about his credit reports, all onine. The use of the site is for free.
What is the opening balance that is normally granted when someone first applies for a credit card?
Depends on your current FICO score and credit history.
