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Your FICO credit score is based on a number of factors: how long you have had credit, how much credit you have, how much money you owe, whether you pay your bills regularly and on time, whether you have many late payments, whether you were ever in bankruptcy or default on a loan, etc. Because any (or all) of these factors can change, so can your FICO score.
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Is your beacon score and FICA score the same?
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.
Is 795 credit score good?
Yes. This score would generally be labled as A or A+. The highest FICO score is 850, so this score is excellent.
How is a FICO Score different from a Credit Score?
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.
What exactly is a free fico score?
A FICO score is based on your credit rating and is a tool for creditors to decide whether to give credit to a person or company. There are sites that offer your credit report and FICO score for a charge and others that offer them for free.
How many points does chapter 7 bankruptcy take off your FICO score?
A LOT, but how much your score dives also depends on how high or low your scores were before you filed. Because the FICO scoring model is top-secret, there is no way to know EXACTLY how many points you will lose and because there are so many factors that determine your score.
What is the difference between a mortgage credit score and a regular credit score?
If I understand the question correctly, the answer is that they may be using different versions of the FICO software. The FICO score you get from myfico.com and the FICO score that a mortgage lender comes up with may be different, because Fair Isaac periodically updates the way they come up with the scores. Upgrading to the new FICO software can be expensive for lenders, so sometimes they don't do it. So they come up with a different score because they are using an older model. Since presumably the model is updated to make it more predictive, it means the lender's score is more likely to be wrong. As far as I know, however, the lender will continue to use its own score, and there is nothing you can do about this.
Should you close all credit cards since that FICO score is not needed to buy a house?
I am a mortgage broker. You need a FICO score to buy a home. If you have no credit, keep open at least one credit card so you can build some tradelines.
If you have good credit and skip credit card payments for 60 days what happens to your credit?
Your credit score (FICO) will decrease by at least 40 points. If you'd like to know more about the FICO score models you can read "So you want to fix your credit huh". www.wowifixedmycredit.com
FICO Score?
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.
Is there a 900 credit score?
The score ranges from 350-850 That is true for "FICO" credit score, however, in 2006, Equifax, Experian and Trans Union set up a rival credit scoring system, VantageScore, in competition with Fair Isaac's FICO. Vantage Score uses a scale that ranges up to 1,000, with 900-1,000 representing an "A" credit, 800-900 a "B" and so on. So, technically, there are credit scores of 900 and above (like mine!)... -Markos411
How would one go about buying credit scores?
One has to purchase their credit score which is different from a credit rating. The credit score is purchased from FICO which is the only place to buy if from so you do not get two different scores.
What is the difference between your credit score and your beacon score?
Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.
