FICO Score
FICO Score questions and answers
Learn more about FICO Score at Bad Credit Questions.
Q: FICO score?
I recently got married to a person with a lower FICO score than I do. If I add him to one of my credit cards as an additional user, would this lower my FICO score?
A: No, it won't affect your score. The account is still in your name and the other person is simply an authorized user of your account.
Q: FICO Score?
Can someone tell me what a good FICO score is? I don't know what my score is, but I'm going to find out soon, and I was just wondering what the range is for a good score, for example 600, 700?? Thanks much.
I just found out that my score is 837. Is that really good? I think it is.
A: FICO is a rip! I mean, what it basically tells someone is that they are VERY bad with money, the higher it is. The more debt you have, that is current, the higher your FICO score. So, if you were wealthy and had no debt, your FICO score would be 0. What a rip!
Q: Fico score??
I have FICO score of 705 and a credit score of 718. Will the bank want to see any more info IE proof of income, if i want to get a car loan?
i technically dont have an income but i sell cars on the side every once in a while to save money for college and other expenses.
A: FICO score, credit score, credit beacon-they are all the same. it just all depends on what credit bureau you are using. a score in the 700's is very good. if you have a credit history of several years, most banks wont ask for proof of income. but if you have a very short credit history with only 1 or 2 credit cards, they might ask for proof of income. you should get an interest rate under 10%, around 4-6%. make sure to go to a decent car dealer and not to those small car lot dealerships.
Q: fico score?
im trying to find out if 626 is a medium or low fico score. can anyone help??
A: Go to www.MyFico.com for a true Fico score.
FICO scores range between 300 and 850. Ratings are as follows:
~ Excellent: Over 750
~ Very Good: 720 or more
~ Acceptable: 660 to 720
~ Uncertain: 620 to 660
~ Risky: less than 620
If you want to see what cards you can get with your score., go to who gave me credit.
Best of luck! :-)
Q: Fico Score?
How can i find out for free what my current fico score is?
I have tried annualcreditreport.com but they just offer your free report
A: When you get your credit report, you generally get your "score" on it. That is your FICO score.
If not, paid subscriptions to Privacy Guard or Privacy Source will get you your triple credit reports with FICO scores ..
Q: Does giving our fico score,cash down number help while making an offer to a short sale property ?
I have a very good credit and 20% cash down for my home.
I am planning to make an offer for a property which I liked, so during the offer does it help if I give my FICO score and how much cash I am willing to pay for the property? (lets say its 20%) of the property ?
A: A short sale lender will absolutely want to see all of the financial information of the buyer before they agree to a short sale agreement. They want to make sure that you are able to perform before making a commitment to sell at a lose.
Q: How is final FICO Score determined if all 3 Reporting Agencies are checked?
I was thinking of applying for a store credit card, and I checked my credit on all 3 of the major credit reporting agencies. All of them are different with one being 50 points lower than the highest one. Do they go by the best score, or do they average out the 3 together to get a final FICO score for determination of the credit card?
A: They use only the one agency they subscribe to, but you could provide the highest one to them.
Q: How much will my FICO score drop if I miss a credit card payment?
I forgot to pay 2 credit cards last month. I paid them both off in full, of amounts $400 and $850, hoping it cancels out the FICO score drop. How many points will a typical score drop if you do miss a payment.
A: Some creditors automatically report delinquent credit card accounts to the credit bureaus. Others wait until payments are 60 days late to black-mark someone's credit report So it is possible that you did not even get a ding.
Your payment record accounts for one-third of your credit score. The more recent the late payment, the more damage it does to your credit score. Remember, once a late payment is reported to a credit bureau it will stay on a person's credit report for seven years.
Some credit card issuers will raise a customer's interest rate if they fall behind on any credit account. So a slip-up on one credit card account could result in higher rates on all your cards.
Q: What fico score is needed to get a no money down car loan?
I have a 592 fico and still need a cosigner? What score is need to purchase a vehicle no money down no cosigner?
A: FICO scores are not used for the purchase of automobiles. Beacon scores are the determinant method. Your bank, credit union or other auto finance company will pull credit on you and assign a score. Different lenders have different thresholds. The better the deal you get for financing, the higher treshold you'll have to meet. 620 is usually considered the the bottom of the best tier of creditworthiness.
The fastest way to increase your credit score is to NEVER charge on any card more than 50% of the high limit. 30% is even better. Installment accounts that are near 10 months or so induration, should be paid to within 10 months and they will no longer count against your credit. Never make major purchases within the first 4 months that a new line of credit is established. Accounts older than 4 months with low balances will drive up your credit scores.
Q: What FICO score do I need to qualify for a 0% APR Balance Transfer Credit Card?
I'm wondering what FICO score I would need in order to qualify for a 0% APR Balance Transfer Credit Card like Chase, Discover, or Bank of America?
Thanks!
A: there are full detailed explanations on all major credit cards including information about the required FICO score at CardLister.com
http://www.cardlister.com/default.asp
however, if you have not drastically hurt your credit score you should be fine.
Q: Whats a good FICO score in reguards to refinancing a home. What is the bottom of the good range?
Also when do you get to excellent? Next, with a 640 FICO score, perfect payment history but not good D.T.I. what kind of rate can expect? Thanks everyone!
and yes Im working on the old score!
A: 1. A FICO score can range from 300 to 850.
2. The national AVERAGE FICO score is 678.
3. The MEDIAN American FICO score, however, is higher at 723.
4. Anything below 620 - 650 is considered a poor score. And remember - the lower you score, the higher the interest you are charged, assuming you can get credit in the first place.
5. There is nothing wrong with having a median score of 723. This is a good credit score and lenders will perceive you as unlikely to default and offer you a competitve interest rate.
6. A score of 770 and up is considered excellent and people with these scores get the very best deals. However, the advantage between having a score of 800 versus 700 is minor compared to the difference between having a score of 700 versus 600.
7. At below 550 you would be considered to have damaged credit and be in need of credit repair.
Q: What is the fastest way to raise my FICO Score?
I had to file bankruptcy about 4 years ago, and now I see that my FICO score is still low. I am looking into buying a house and need the lowest interest rates.
A: One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks.
More info on this topic here......
http://fixingyourcredit.blogspot.com
You can also find some good resources about locating the best interest rates on mortgage loans here......
http://lowertheinterest.blogspot.com
____________________
Q: what will be the difference in fico score between a paid collection and settlement?
There is one negative on my credit report. It has gone to collections and collections agent will take a 20% discount but it shows up on the report as a settlement as opposed to paying the whole thing; then it will show on my credit report as a paid collection. Will that really affect my FICO score? If so, how much?
A: If there is a judgment on your credit report is should say paid. I know in NY you can get a filed in the courts. Next you contact the credit agency and get give them a copy of the settlement papers so they can update your report. Yes the judgment will affect your fico score, but there is no way to tell how much it will affect it
Q: What is the FICO score regarding to credit and how do u get it?
Is it true that's ur FICO score is what they look at regarding getting a house? How is the score add up of what is it added up from. I'm looking into buying a house and and I was informed me that I needed a credit score of 620. I have a 590, 573 and 601.
A: FICO scores from 300 to 850 with anything that calculates to below 300 defaulting to a 0.
Scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, motorcycles, computer, furniture or personal accounts (installment) all with good long pay history's.
Q: How much does making regular monthly payments increase fico score?
Hello there I have a very low FICO score because of mistakes I made 3-5 years ago. In the last few years I have always made at least minimum payments and have all my creditors reporting an R1. I am just wondering why my score is still so low and how many points are gained for making regular payment.
A: It's not necessarily points that you gain. FICO is figured in percentages:
· 35% Payment History - Avoid delinquency. Current pay history more relevant.
· 30% Capacity - The more the better
· 15% Length of Credit
· 10% Accumulation of Debt in last 12-18 months - Includes # of inquiries and opening dates
· 10% Mix of Credit – Installment raises, revolving lowers. Too many finance company loans hurt score.
More about FICO scores at this website a friend referred me to: https://www.asecu.org/ads/default.aspx?id=40