Your fico credit report can be critical if you are planning to buy a home, a vehicle, or take out a loan. Credit scores impact whether you can get credit and your interest rate. It can even determine the amount you pay on insurance premiums.
There is a lot riding on that score, yet many people do not understand their credit report and fico score. It's time you get your free credit report and learn what you can about fico credit reporting so you can find out what your score is, what it means, and how you can make it even better.
Get Your Free Credit Report Fico
First, you need to take a look at your credit report so you can see your score. Scores can be found on your credit report, so simply asking for your free credit report can help you get a look at that score.
You are entitled to a free report from each of the reporting agencies once a year. These agencies include EquiFax, Experian, and TransUnion. While your report is free, in some cases you may have to pay extra for the actual fico score.
Look at Your Score
Once you get your fico credit score from one of the agencies, it is time to look at your score and evaluate it.
Usually scores fall somewhere between 300 and 850. If you have between 300 and 600, this is usually considered poor credit.
Those with fico credit scores between 600 and 660 are considered low to fair, and usually this will get you sub prime financing.
Prime financing is available for credit scores between 660 and 720. Get above 720 and you have great credit and may be able to get lower rates than the current prime rate.
What Affects the Score
Although the exact formula for calculating the fico score is not available, there are some factors that are known to affect scores. About 35% of the score is based upon the payment history you have.
Anything 30 days past due and later is going to affect your score. Another 30% of the overall score is based upon the amount of credit you are using as opposed to the amount of credit you have available.
Carrying low balances on credit cards will get you a better score. Other things that affect this score include the length of time you have had a credit history, various types of credit, and inquiries into your credit.
Raising Fico Credit Scores
Although your fico credit report is a score that encompasses many years of credit history, there are still things you can do to raise credit scores. Avoiding high balances on your credit cards, such as maxing out your cards, can help you improve your credit score.
Making payments on time, every time, can also help you to raise your score. Sometimes inaccurate information can end up affecting your credit score. Your score can be improved if you dispute the inaccurate information and make sure that it is removed.
Your FICO credit score is a numerical representation of your financial history and current credit situation. Simply put, the higher your score is the more likely you are to be trusted with a loan, credit card, or mortgage.
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.