An indicator used by many financial institutions regarding the potentiality of one to pay loans is trough the credit score. Credit score is also called as FICO score which is therefore calculated wit the use of your credit history, number of credit cards and the like that involves your financial capabilities.
Your FICO score is calculated through a complex mathematical formula. If you have adverse public records such as law suits, wage attachments, liens, your previous credit cards, home mortgages, utilities, car payments, and many other debts are taken into consideration in the computation. A lower FICO score gives you a more negative reputation and a higher FICO score makes you more credible to different financial institutions.
Everything that can make your FICO score lower should be monitored, like errors in your credit, and some fraudulent information. The easiest way to monitor your score is to request a free credit report from a trusted financial website online. By requesting your free report and checking it for errors, you will be able to maintain a higher score and protect your financial reputation from being wrongfully tarnished.
Numerically speaking, FICO score ranges from 300 to 850. Though it may sound that 300 would be considered the worse and anything in the middle would be okay, its different with regards to FICO score, because here anything below 600 is a bad credit score and the average score is 700-720. With the average score, the bank would be more favorable in giving you your loan, and of course the higher FICO score the lower the interest.
How Do I Check My FICO Score and Credit Report?
Now that you are aware of how your FICO score impacts your finances, you may be wondering “How do I get my free online FICO score ?" Easy, To learn more about obtaining a free online credit report, visit http://freeonlinecreditcheck.googlepages.com/ , an excellent resource on credit reports and your credit score. There are dozens of websites that offer totally free credit reports. There are so many, in fact, that it can be a little bit overwhelming when trying to decide which company to choose. Some things to look for when choosing a credit reporting service are: ease of use, customer service and assistance, detail of reports, accuracy of reports, and whether they offer to assist in repairing your credit score.
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