 A FICO Credit Score is a formula that translates personal information to a credit report. FICO credit score is comprised of a a three digit score ranging from 300 to 900. Your credit score reflects creditworthiness. Lenders use your credit score to determine if you are a good candidate for credit and likely to pay your bills.
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Credit - Foreclosures or deed in lieu of foreclosure are serious negative pieces of information on your credit history. They are directly associated with bankruptcy, and they can drop your FICO credit score by over a hundred points, depending on where it is when the bank forecloses.
In most cases, it can take several years of on-time payments to rebuild your FICO credit score, and as many as seven years for the effect of either of these two unfortunate events to clear away.
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FICO Credit Score - Your credit score is only as good as what shows up in your credit report. Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late -- can take 30 days to three months, sometimes longer.
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 Credit - Credit Scores range from 300 to about 900. A credit score is basically a quantification of an individual's creditworthiness. People with scores below 620 are considered poor risks, and those with scores above 680 are considered acceptable risks. The median score in the United States is 723; typically, the higher the score, the lower the mortgage.
The credit score factors include whether debts are paid on time, what type of credit has been granted in the past, how much of the available credit has been used, and whether there are any judgments, foreclosures, bankruptcies or liens.
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Credit - Your credit score is calculated using a modeling method. Your score is determined by your payment history, account status, available credit versus your present balances and any derogatory or public records such as a bankrupcy or judgement. Your score may also be impacted by the number of credit inquiries you have over a period of time.
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A) Payment History - Indicates whether you make your payments on time
B) Money Owed - How much you owe in relation to your credit limits and length of credit accounts.
C) New Credit - Are you looking for new credit and opening newl credit lines?
D) Type of credit - Weighs loans - car loan, line of credit, credit card balance.
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What are the FICO credit score ranges? Credit scores generally range between 350 and 850. Most lenders refer to this as your fico score.
Who determines my score? Your credit score is compiled by different institutions and is generally a reflection of your credit history as reported to experian, equifax and transunion
Can I improve my credit score? Yes! You may be able to improve your score by paying down on revolving accounts, establishing a payment history and making timely payments.
What is the average score? Recent studies indicate 646 is the average FICO score.
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