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A Credit Score, or FICO score, is a numerical value calculated by a formula by the credit bureaus. The formula goes something like this:
- Payment History: Approximately 35% of your score.
- Amounts Owed: About 30% of your score.
- Length of Credit History: About 15% of your score.
- Pattern of Credit Use: About 10% of your score.
- Types of Credit in Use: About 10% of your score.
Credit scores about 650 indicatea very good credit history. If you have a score in this rnge, you'll have an easy time getting a loan at a favorable interest rate.
Credit scores beetween 620 and 650 are more average and indicate good credit. If you have a score in this range, your chances of getting a loan are good. There may be documentation that you need to provide, like proof of earnings, bank statements, etc.
If your score is below 620, you'll have more difficulty in getting a good loan with the best rates. However, this doesn't mean you won't be able to get a loan.
Top Credit Score Tips from AskMrCredit.com
Credit score interpretation
Above 730: Excellent credit 700 - 729: Good credit 670 - 699: Creditors will want to take a closer look at your file but overall you project an average risk. 585 - 669: You are a higher risk. ...Read moreCredit score ranges
The calculations used to determine a score are different at each credit bureau. However, the scoring models are standardized so that the scores at each bureau are equivalent. A score of 600 from ...Read moreHow long does it take to rebuild scores?
Actually, you don’t rebuild scores. You rebuild your credit history, which is then reflected by credit scores. The length of time to rebuild your credit history after a negative change depends on the ...Read more5 Quick Steps to a Better Credit Score
Learn how to manage your credit score and improve your creditworthiness. Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific point in time. ...Read moreBad Checks: Bad News for Your Record
While credit bureaus keep track of how you handle credit, there are other companies that monitor and report how you manage—or mismanage—your checking account. And, as some consumers have learned, ...Read moreAbout FICO scores
Along with the credit report, lenders can also buy a credit score based on the information in the report. That score is calculated by a mathematical equation that evaluates many types of information ...Read moreCredit ratings - what you need to know
This is a general guide to what is called "A-B-C-D" credit. These grades are typical of the requirements used by many lenders, but are not absolute grades. Individual lenders typically have similar ...Read moreFICO Score Factors
This is a comprehensive list of the information considered by Fair, Isaac scoring models in calculating a FICO score at one of the major credit reporting agencies. 1) Past payment history - Account ...Read moreDisclosing information about credit scoring
The Commission's July, 1999 public forum, "The Consumer and Credit Scoring," generated vigorous discussions among both the audience members and the panelists. These discussions indicated that ...Read moreCalculating a credit history score
Statistical modelers working with data from credit- reporting agencies construct credit history scores using selected factors of the types described above. Modelers divide each factor into ranges ...Read moreShowing 1 to 10 of 146 Facts
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What's a credit score?
A single numerical score, based on an individual's credit history, that measures that individual's credit worthiness. Credit scores are as good as the algorithm used to derive them. The most widely used credit score is called FICO for Fair Issac Co. which developed it. Many of the columns in Credit Issues discuss factors that affect the FICO score, including Pay Off Delinquencies to Improve Credit.
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