What is a FICO Score?

Written By Melissa Cook
Nov 16, 2022
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A FICO (Fair Isaac Corporation) Score is a measure of creditworthiness, calculated using information from the consumer’s credit report (what is a credit report?). This score ranges from 300 to 850 and is used by lenders and creditors to determine the likelihood that a consumer will repay their debts. It is important for individuals to regularly check their FICO Score and maintain a good credit history in order to have access to financial opportunities such as loan approval and lower interest rates. Improving one’s FICO Score can also help save money in the long run. It is important to monitor and manage your credit activity in order to maintain a high FICO Score.

What is considered a good FICO score?

Generally, a FICO Score above 670 is considered good, and a score above 800 is considered excellent. However, it ultimately depends on the individual’s specific financial situation and borrowing needs. Some lenders may have different requirements for what they consider a “good” FICO Score. It is important to research and understand the credit standards of potential lenders in order to set realistic financial goals. Keeping track of your credit activity and regularly checking your FICO Score can help you work towards maintaining a good or excellent score.

How to check your FICO score

There are several ways to check your FICO Score. One option is to contact the three major credit bureaus (Experian, TransUnion, and Equifax) and request a copy of your credit report from each bureau. The credit report will include your FICO Score as well as other important information about your credit history.

Another option is to sign up for a service that offers regular updates on your credit activity and FICO Score. It is important to note that some services may charge a fee for this service, so it is important to research and choose a reputable provider.

Additionally, many financial institutions offer free access to customers’ FICO Scores through their online accounts or mobile apps. Checking your FICO Score regularly can help you stay on top of your credit activity and work towards maintaining a good score.

It is important to note that there may be slight variations in the FICO Scores provided by different bureaus and services due to varying sources of information. It is recommended to check scores from multiple sources in order to get a more comprehensive understanding of your credit standing. Additionally, it is important to remember that checking your FICO Score does not affect the score itself. Checking your score regularly can help you monitor and manage your credit activity in order to maintain a good FICO Score.

 

To get a better handle on your financial situation, speak with an Americor representative today

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