FICO credit scores are the most widely used credit scores. 90% of the top lenders use FICO Scores to help them make credit related decisions every day. FICO Scores are calculated based solely on all the information in consumer credit reports, which are maintained by the credit bureaus. By using and comparing this information to the patterns in hundreds of thousands of past credit reports, FICO Scores estimate your level of credit risk.
FICO Scores have a range of 300-850. The higher the score of course, the lower the risk. But the score itself will not say whether or not a specific individual will be a good or bad risk. While the score will help lenders in making the decision, each company or lender has it own strategy or requirements. There is not a cutoff score used by all of the companies or lenders because there are so many additional factors that they use to determine and your qualifications and interest rates.
You have a FICO Score at each of the three major credit bureaus: Equifax, TransUnion, and Experian. Each FICO Score is based on the information that was reported to that credit bureau and kept on file about you. Your credit score may be different at each credit bureaus as not everything gets reported the same to each bureau.
As your credit report changes, so will your credit score. Again, the higher the score, the lower the risk. However, it is important to know all the other factors that can prevent you from qualifying for credit or even getting a lower interest rate. If you have no idea what your FICO Score is or perhaps you have a high score and are still getting denied for new credit, WE CAN HELP!
We can definitely help each and EVERY situation, please give us a call at 844-FIX-URCR or http://bit.ly/csaelpappt to schedule your FREE consultation!
*Individual results may vary. Please call for more details and to discuss your own individual situation.