How to Obtain Your Credit Fico Score
by: RichardLakin |
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You don't have to be a student of finance to know that certain things are extremely important to both your long term and short term financial prosperity. Along with a few other financial buzzwords that have become popular topics in recent years, your credit FICO score is one of them. Some people don't truly understand their credit FICO report score or how to raise their credit from the dead and because of that, they are often left to wonder what happened to their planned financial prosperity. The first step to understanding your score is to obtain your credit FICO score, which is something that has become much easier in the last decade.
First, do you know what a credit FICO score means?
People generally know what their credit score is; however, they do not know how it is calculated and what FICO means. Fair Isaac & Company is the pioneer of the score. As far back as 1950, the company found out that a serious problem existed with the way lenders considered their potential borrowers. It was then that they created a system that provides a number to represent your past borrowing and paying activity to give future lenders an idea of your past.
How is the credit FICO score calculated?
If you have ever gotten your FICO score report and wondered what in the world it means and how it's calculated, then you aren't alone. Plenty of people are right in that boat with you. For all intent and purposes, your FICO score is calculated using five primary criteria. They look at other things, as well, but the following five things are the primary indicators that a person is going to be able to repay their bills on time.
The amounts of late payments and how often they occur Time length of established credit How much available credit is remaining in their credit line How long a person has lived at their current address Negative strikes against you (bankruptcy, foreclosures, or collections, late payments etc)
How does someone find his or her FICO credit score?
Luckily for consumers, there are plenty of ways to get your credit FICO score. The three primary credit reporting bureaus all provide this number with their credit reports, but they may not all be the same. When you get a FICO score from Equifax, for instance, it may be a different number than what Experian provides with their credit report. Depending upon what sort of loan you are looking to acquire, all of these numbers may be considered or the lender may just look at the one in the middle.
Ask one of the three major credit reporting agencies for a copy of your credit report that includes the FICO score. Make sure you request a report that includes your FICO score as some credit reports are sent out without this pertinent information. Depending on what you choose, they can send the information through the mail, or you can view the information from the Internet.
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About the Author
Learn more as a consumers to know your credit FICO score and also, learn about mysteries and different facts about your FICO score will give you confidence handling your accounts better.
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