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Answered 2008-11-18 23:54:16

IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?

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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.


Credit score could be any number of diffrent scoring models a FICO score is from a specific company that was named Fair Issic Company but now goes by just FICO for more info check www.thecreditguy.tv


FICO stands for Fair Isaac Corporation, which is a company that calculates the credit score that most creditors use to determine your creditworthiness. So, your FICO score is a type of credit score. They use the information that each of the three credit bureaus (Experian, Equifax, TransUnion) possess on each consumer, and they turn that information into your FICO score. However, there are many other companies, including the credit bureaus themselves, the create their own versions of your credit score, and these scores are often different than your FICO score, since they are not using the same mathematical calculations to come up with your score.


If you feel it absolutely necessary to "throw your card(s) away" after paying them off, I suggest to just cut the card, and toss. However, DO NOT, DO NOT close your credit card account! Why, you may ask . . . one of the things that effects your FICO score is your credit history with the credit card company. Another factor is the debt ratio. For instance, if you have a $2000 credit limit, and you have no balance on your card, that will positively affect your FICO score. But, on the same token, if you have a $2000 credit limit, with a $1500 balance on the card, that will reduce your FICO score.


Beacon is the trade name that Equifax uses to describe their version of the FICO score it is the same scoring model though for more information see thecreditguy.tv


Few numbers are more important to an individual's financial well being, than the FICO score. FICO was developed by Fair Isaac Corp. and is basically a three-digit number that represents an individual's credit-worthiness. The score is based on a person's credit history and is used widely by lenders in the U.S. to evaluate credit risk. FICO credit scores ranges from 300 to 850, with 720 considered the median score. Generally, FICO scores of above 720 are considered "Good" or "Excellent" while scores below 600 are considered "Poor". An individual's FICO score can determine his or her eligibility to secure a home loan, an automobile loan or a consumer loan. It also directly affects the interest rates associated with such financing. Typically, the lower the score, the harder it becomes to get a loan, and the higher the interest rates become. For instance, it is not unusual for people with FICO scores of less than 650, to pay hundreds or even thousands of dollars more on interest rates annually, than a person with a score of 750 would pay for the same loan amount. FICO scores are calculated using a fairly complex mathematical algorithm that combines data from various sources. One of the most important factors affecting an individual's FICO score is the punctuality with which payments are made. Late or missed payments can negatively impact FICO scores in a substantial manner while a history of prompt payments can boost it significantly. Another key factor is the ratio of debt, to the total amount of available credit. Generally speaking, the closer that an individual gets to maxing out his or her credit, the higher than likelihood that FICO scores will get negatively affected. Other important influencers of the FICO score include the length of an individual's payment history, the number of open accounts, and the number of credit inquiries and credit checks. In most cases, individuals need to have at least one credit account open and active for at least six months before a FICO score is calculated. In many cases though lenders require borrowers to have at least one year's worth of credit history in order to extend loans.


One can get all three credit scores by creating a free account on the website My Fico. After the first credit score is completed, one can opt on the same website for another free trial.


Your FICO score, also known as your credit score, has much to say about you. It can control your financial destiny. Whether you’re able to qualify to finance a car, mortgage a home, or even qualify for monthly billing with your utility companies can be dictated by your FICO score. With all that’s at stake it’s important to understand what goes into computing your individual score and how you can best manage it. While the exact algorithm for calculating FICO scores is a closely guarded secret, FICO (formerly known as the Fair Isaac Corporation) has disclosed the components to the score. They are as follows: 35%: Payment history 30%: Credit utilization 15%: Length of credit history 10%: Types of credit 10%: Recent searches for credit If you want to vitally increase your credit score I highly recommend concentrating on the first two areas. Together these two components have the highest weighted impact on your overall score. So let’s delve into what is meant by payment history and credit utilization. Payment history is simple to understand. Did you pay your bills? Did you pay them on time? That’s pretty much all there is to it. If you want to improve your credit start paying all your bills and debt payments on time. Most people who end up with a less-than-favorable FICO score do so because of late payments. Credit Utilization is a fancy way of saying that FICO is looking at how much of your available “revolving debt” you’re using. They look at the ratio of how much of your available lines of credit you’re carrying as debt. If you have a $10,000 line of credit or a credit card limit, and you’re only carrying a balance of $3,000, your credit utilization ratio will be much favorable than someone with the same limit carrying an $8,000 balance. The best way to have a better FICO score: pay all your bills and debt payments on time, and carry a relatively small balance compared to your available credit limit.


Your credit score, also known as your FICO score, says a lot about you. So much so that many employers will look at your FICO score to try to determine your level of overall responsibility. If you’re responsible with money, the thinking goes, you’ll be more likely to be a generally responsible employee. In addition to employment, your FICO score can control your financial destiny. Whether you’re able to finance a car, mortgage a home, or even qualify for monthly billing with your utility companies can be dictated by your FICO score. With all that’s at stake it’s important to understand what goes into computing your individual score and how you can best manage it. While the exact algorithm for calculating FICO scores is a closely guarded secret, FICO (formerly known as the Fair Isaac Corporation) has disclosed the components to the score. They are as follows: 35%: Payment history 30%: Credit utilization 15%: Length of credit history 10%: Types of credit 10%: Recent searches for credit If you want to make a measurable increase to your credit score I highly recommend concentrating on the first two areas. Together these two components have the highest weighted impact on your overall score. So let’s delve into what is meant by payment history and credit utilization. Payment history is simple to understand. Did you pay your bills? Did you pay them on time? That’s pretty much all there is to it. If you want to improve your credit start paying all your bills and debt payments on time. Most people who end up with a less-than-favorable FICO score do so because of late payments. It never ceases to amaze me how some people just don’t treat their bills as the obligation they are. When you use utilities or purchase something you need to pay for it. If you don’t, you will earn a reputation as someone who is a bad credit risk. Credit Utilization is a fancy way of saying that FICO is looking at how much of your available “revolving debt” you’re using. They look at the ratio of how much of your available lines of credit you’re carrying as debt. If you have a $10,000 line of credit or a credit card limit, and you’re only carrying a balance of $3,000, your credit utilization ratio will be much favorable than someone with the same limit carrying an $8,000 balance. The bottom line is that if you want to improve your credit score: pay all your bills and debt payments on time, and carry a relatively small balance compared to your available credit limit.


No, a credit score does not vary from state to state. The credit score will stay the same whether a person moves or not.


I have the same score. Try applying for a couple of credit cards and increasing it


Its good. My credit score is the same. I get approved for a lot of things.


Same as if it was unpaid. It's still a negative or adverse entry in your file which impacts your score..


The score ranges depend on the scoring system used. For FICO, the range is 300 - 850 For TransRisk, the range is 100 - 900 For Experian Plus, the rage is 330 - 830 For Vantage, the range is 501 - 900 For Beacon, the range is 300 - 900 Remember, although your raw score may be different depending on which scoring system is used, it usually always represents the same level of risk to a lender. That is, a 650 TransRisk score might be the same as a 720 FICO score - both considered "good". There is not one single universal score.


There is no "one" credit score, and the actual componets which go into a credit score are known only by the company who created the scoring model to begin with. Only Fair Issac (FICO), with that beinging said if you take the exact same application and run it through all three credit bureaus, you many end up with three different credit scores.


Yes, these are good scores! The way a mortgage lender (like me) or other creditor looks at a "tri-merged" credit report (a composite report adding info from three credit bureaus) is to drop the high and low score and use the mid score as the basis for lending and pricing decisions so if these 3 scores are all yours from the same report, your mid score would be 721.


A credit report tracks your credit reliability based on your history of making payments on your loans and other debts. A credit score is a numeric value based on a weighted formula and your credit history. To find out more on both your credit report and credit score go to http://cashmoneylife.com/credit-score-credit-report-difference/


This depends on where you are going to get the loan. If loaner agrees the risk is safe then the loaner will give you the loan but of course it will be at a higher interest rate then if your credit score was 815. A low FICO is often a strong hint that you are not credit worthy. If you are trying for a loan that you will spend on wants, try to cut expenses and start paying everything on time. Your FICO will rise within a couple of years and you will not have put yourself behind the eightball. Then, go for that well-considered loan. Always, have a down payment. Cars lose value going off the lot; always pay it down to that value. Houses, same thing. A 20% down will keep you from being underwater later.


Varies with individual's credit score-they are not all the same.


That depends on your starting credit score. If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.


The best way to rebuild credit after a serious blow is to have an open and active line of credit that is in good standing. For instance, a credit card that you use to purchase gas on every week and then pay off in full every month. Over time, your credit score will improve based on your performance with that line of credit. If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.


If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.


Lowering a credit card's limit may cause a credit score to go up, down, or remain the same. Factors that impact a credit score can include: the amount a credit limit is reduced, on-time payments, new accounts being opened and if balances are paid down or increased.


It hits your fico the same way since its credit just less since the term is shorter


no it doesn't as long as you both don't at the same time.