Get a Free FICO Score
Apply Online Now for your Free FICO credit score
report!
What is a FICO score?
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring
is a method of determining the likelihood that credit users will pay their bills.
FICO Credit score
FICO credit scores are calculated by using scoring models and mathematical tables
that assign points for different pieces of information which best predict future
credit performance. If you are considering applying for a loan, it's best to start
by with ordering a copy of your credit report. FICO credit scores analyze a borrower's
credit history considering numerous factors such as:
- Late payments
- The amount of time credit has been established
- The amount of credit used versus the amount of credit available
- Length of time at present residence
- Employment history
- Negative credit information such as bankruptcies, charge-offs, collections,
etc.
FICO Credit Score Questions (FAQs)
How can I increase my FICO credit score? While it is difficult to increase your
credit score over the short run, here are some tips to increase your score over
a period of time.
- Pay your bills on time. Late payments and collections can have a serious
impact on your score.
- Do not apply for credit frequently. Having a large number of inquiries
on your credit report can worsen your score.
- Reduce your credit-card balances. If you are "maxed" out on your
credit cards, this will affect your credit score negatively.
- If you have limited credit, obtain additional credit. Not having sufficient
credit can negatively impact your score.
What if there is an error on my credit report? If you see an error on your
report, report it to the credit bureau. The three major bureaus in the U.S.,
Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742)
all have procedures for correcting information promptly. Alternatively, your
mortgage company may help you correct this problem as well.