FICO score - Where can I get it? Is it free? What's a good score? How often should I check on it? More info

Question

What all affects the score?
Who all uses the score?
What quick fixes can I do to raise my score?

Answer 1

Get it from any credit bureau.

It's not free, expect to pay between $6 - $10.

A good score (A-paper) is anything above 720.

You should probably check it at least annually.

Your credit repayment history has the greatest affect on your score -- paying on time is critical. The total amount of credit, as well as the ratio between available credit and total credit used affects it -- too much credit can lower your score while a history of good credit management will raise it. The number of open credit accounts affects it -- more is better, up to a point and then it starts to head down. The length of time that you've had a credit history affects the score -- longer is better. The nature and frequency of some inquiries on your credit record will also affect your score. If you are applying for credit all over town from different types of lenders, you score will take a negative hit. If you are buying a home or car and apply for loans at several lenders looking for the best deal it's treated as a single inquiry and won't affect it much, if at all. Any negative information (late payments, chargeoffs, judgements, bankruptcies, crimminal convictions, etc. all have a negative affect.

Credit grantors use the score in making loan and banking decisions. Banks, credit unions, finance companies, mortgage lenders, credit card companies all use the score. Lower scores generally mean higher interest rates. Too low a score, and you may be rejected entirely.

The ONLY "quick fix" is getting erroneous negative information removed from your credit record. Most credit records have some errors -- both good and bad -- so it's worth reviewing your credit record and challenging bad information. Your credit score is not a "point in time" look at your financial situation but a long-term view of how you have handled credit over your lifetime. As negative information ages and is replaced with a recent history of responsible credit management, your score will tend to rise.

Your credit score is only one factor used in making credit decisions. You may have a FICO of 780 (excellent) but if you are applying for a loan that you simply can't afford you will probably be turned down. Conversely, if you have a weak score (600 or so, for example) but are applying for a small loan that you can easily afford you may well get it but will pay a higher interest rate than someone with that 780 score.

Answer 2

I just heard from a friend you can raise your score by opening a secured credit account with any bank and reestablishing your credit that way. Like put $400 down on a secured credit line. Please remember to keep paying off your balances and dont let it run more that $300 at a time. After time you will start to see your fico score go up and up. They say that 675 is a good score you can do alot of things with that. Dont worry about your past other delinquent bills just pay them off little by little.

Answer 3

THE AVERAGE OF A CREDIT SCORE IS 680 ANYTHING ABOVE 700 GETS YOU RATED AS AAA,THE BEST RATING. TO RAISE YOUR SCORE QUICKLY PAY YOUR CREDIT CARDS RATIO TO BELOW 50% LEVEL.If the max you can charge is $1000 may sure the balance is below $500. Check your credit report at least once a year.