Follow These Steps to Get Your Credit FICO Score
Posted by: Richard Lakin in Finance, tags: FinanceYou 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?
Many people know what their credit score is, but they have no idea how it came about or even what FICO stands for. It comes from the originators of the score, a company known as Fair Isaac & Company. That company recognized, as early as 1950, that there was a serious problem with the way lenders looked upon their potential borrowers. They started working on a system that would take past credit history and spit out a number that reflected both how capable and how likely borrowers would be to repay their bills on time.
How do they arrive at your credit FICO score?
There are many people who have received copies of their FICO score report and been unable to understand what it means or how it’s formulated. For better or worse, many people find themselves in this situation just as you have. Five primary specifics are used to calculate your FICO score for all intent and purposes. 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)
What is the process to obtain my credit FICO score?
Thankfully, there are many ways to get your FICO score. The three main credit reporting bureaus all offer this number with their credit reports, but the number might not be consistent. Your credit FICO score can, and often does, vary from one reporting agency to the next. All of the numbers could be used, or possibly just the median depending on the type of loan you are trying to get.
Ask one of the three major credit reporting bureaus for your credit FICO score. Be sure to specifically ask that your FICO score be included in your credit report or you may discover that this important information is missing. A person can choose to view his credit report online or can request the information to be sent to his home mailing address.
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