FICO credit score

FICO credit score

Is a Perfect Credit Score Worth It?

October 9th, 2016 by Alice Bryant
Consumers across the nation have the terms “FICO” and “credit score” embedded into their brains. These terms refer to a scoring system that judges a person’s reliability with creditors. Creditors use this main scoring system as their gospel for making crucial credit decisions. While they may use other factors in their decision-making process, creditors weigh an applicant’s score the highest in their procedures. Consumers are under the impression that they must all set their heights to achieving a perfect credit score. Is a perfect credit score worth it? 
 

FICO vs FAKO: Are You Getting the Right Credit Score?

September 6th, 2016 by Elisabeth Chan

Anyone who has ever applied for a loan, regardless of the type, has probably been told that the lending institution will have to “run their credit.” The latter is a phrase that refers to obtaining the applicant's credit score in order to determine whether or not the individual is a good credit risk. This is often referred to as the person's FICO–Fair Isaac Company–score. This score is what virtually all lenders use to determine how likely it is that a specific borrower will default on a loan or other financial obligation, as well as whether or not the person will make timely payments on loans or other lines of credit.

All You Need to Know About FICO 9

September 9th, 2014 by Alice Bryant
FICO is the source most lenders use to determine a borrower’s credit score. FICO uses an extensive formula intended to assist financial organizations with making high-volume, complex financial decisions. However, FICO recently announced a new formula called FICO Score 9. Unlike the current model, FICO 9 will remove collection agency accounts which were settled or paid in full. The new formula also distinguishes between medical debt and other forms of unpaid debt.
 

Credit Cards That Offer Free Monthly FICO Credit Scores

December 3rd, 2013 by Alice Bryant

Knowing your credit score is very important to maintaining good credit. However, many people don’t understand how to go about finding their score. AnnualCreditReport.com is the only place where you can get your credit report for free, but this report can only be retrieved once per year. It used to be that the only way to get a genuine FICO credit score every month was to pay a service such as MyFICO.com or Equifax. Normally it costs between $10 and $20 per month.