FICO scores are the credit scores most lenders use to determine your credit risk and range from a low of 300 to a high of 850. Understanding credit score ranges can help you assess whether your credit may need some work. Your personal credit score is built on your credit history. If your loan application is denied for credit reasons, you can receive a free copy of your credit report. Box 11746 San Rafael, CA 94912-1746 www.myfico.com www.fairisaac.com 1557EB 11/03 10,000 Managing your credit health means knowing how your credit score works. So, as the information in your credit file at that CRA changes, FICO ® Scores can also change. The impact of past credit problems on your Equifax Score lessens as time passes and as recent regular payment patterns show up on your credit report. An exception to this is borrowers . Other companies may give you a free credit score if you sign up for their paid credit monitoring service. 35% Repayment history 30% Amount owed to lenders 15% Credit history length 10% Types of credit accounts 10% New credit accounts What’s a good score? The credit reference agencies each have their own methods of using this information to create your score. Your credit scores (most people have more than one) can affect your ability to qualify for a loan or get a credit card by giving potential lenders a sense of how likely you are to repay your debts. Learn about your credit reports and scores… Don’t let the state of your finances cause you stress! DataCheck score is a three digit numeric summary of your credit history. The closer your score is to 900, the higher are the chances of your Credit report and score basics. View LAmani_Lesson8.pdf from FIN 180 at Bayside High School, Bayside. Some companies you do business with might give you free credit scores. Your credit score is NOT part of the free credit reports provided by the nationwide credit bureaus. Please note: not all CRAs get exactly the same information, or use the same methods, so you may have a di˜erent credit score depending on which agency you ask. Offers of credit. The various categories of information contained in your credit report is “weighted” to determine your credit score. UNDERSTANDING YOUR CREDIT SCORE Your credit score tells lenders whether or not you’re a good risk for more credit. Your Credit Score Q: What is a credit score? ... UNDERSTANDING YOUR CREDIT REPORT/SCORE QUICK GUIDE who are rate shopping for a mortgage or auto-loan over a short period of time. Learning about your credit score and the actions you can take to improve it will help you become better positioned to unlock your full credit potential and achieve your financial goals. The Understanding Your Credit Report & Score workshop is brought to you by the Educators Credit Union , Gateway Technical College Wellness Committee and GreenPath Financial Wellness. Your credit score may vary by a few points with each new month and with any changes in the factors that make up the score. Your FICO ® Score ☉ ranges from 300 to 850. A better credit score means better The first step to achieving strong credit health starts with investing in understanding the ins and outs of your credit score. You may legally access your credit accounts to help you manage your credit report. Understanding Your Credit Score Credit Scores Vs. Credit Report Your credit report is a snapshot of your current credit accounts and their overall status. second copy within any 12 month period. This booklet provides a thorough description of credit scoring, including ways credit scoring can help you, the relationship between your credit report and your credit score, what a FICO ® Score considers, and interpreting your score.. Insider's Guide to 2010 Credit Card Reform and New FHA Rules. There are a lot of misconceptions about credit scores and how they're calculated. 3 TYPES OF CREDIT LINES REVOLVING — Credit accounts that are approved up to a set amount (credit limit), have no final payment date and can be paid back in partial or full monthly payments. Your credit score Your Credit Score You have a right to dispute any inaccurate information in your credit report. If you find errors, report them to one of the following credit bureaus: Equifax Experian TransUnion How check your Credit Score The Fair Credit Reporting Act (FCRA) requires each of the three nationwide credit bureaus to provide you with a FREE credit report, at your request, once every 12 months. 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