What Factors Affect A FICO Score | What Is A Good FICO Credit Score?

A good Fico score is a score of about 725 or higher. To be sure you maintain a good Fico credit score, you will need to keep your payments current on all loans and credit accounts. If you are late on your payments quite often, your good Fico credit score will lower remarkably.

Tips to Keep A Good FICO Score

-To keep a good Fico score you will need to be diligent in paying all your credit accounts on time.

-Not owe more than 70% of your line of credit, try to keep this down as it will count against your Fico score.

-A Fico score is also determined on the number of outstanding credit accounts you have open, too many and your Fico credit score will plummet.

You can have a couple of credit card accounts, but don’t go overboard. A revolving credit account or two will not hurt any thing either. Just make sure you don’t have a history of late payments, one won’t hurt anything but if you make it a habit your Fico credit score will be much lower.

It really isn’t difficult to maintain a good Fico credit score, you just need to follow the above tips. Keeping a good Fico credit score, will assure that you will be able to get a home or car loan quickly and with an excellent interest rate.

The number on your Fico credit score will range between 300 and 900, 300 being a very low Fico score.

The breakdown of how your Fico credit score is determined is explained below.

* 35% is based on your payment history. The score goes down each time you make a payment late, if the payment is sent to collections, or you declare bankruptcy.
* 30% is how much debt you owe. Try to keep your credit card balances at or below 50% of their limit.
* 15% is determined by the length of time you have had the credit. The longer you have had established credit, the higher your score will be.
* 10% has to do with the number of times someone has inquired about your credit. The more and more recent these inquiries are the worse your Fico credit score will be.
* 10% is based on the types of credit you have now. This includes any loans that are available to you. This is about credit and credit cards. While there is no set number that you should or shouldn’t have. This is the last factor on which your credit score is based.

What's A FICO Score?

A FICO score also known as a Beacon Fico Emperica score is a credit score.

These are complex calculations based on the three major credit reporting bureaus.

These scores are called by different names but use the same calcualation.

What's A FICO Score? What do the Scores Mean?

Most Beacon Fico or Emperica Credit scores range from 350 to 850.

725 plus is considered a nearly perfect credit score, 640– 719 is a good average credit score by American standards.

A credit or fico score of 639 or less is considered to be below average and any score less than 575 is a very poor credit score.

What's A FICO Score? What is A Vantage Score?

There is a new, and not yet commonly used Vantage score or Vantage credit score.

It was designed to make the scores more easy to understand.

Vantage scores are figured the same way school grades are. If your score is 60 or less the score is an F, 61 to 70 is a D-below average, 71 to 80 is a C-average, 81 to 90 is a B– above average, and 91 to 100 is an A– perfect score.

What's A FICO Score? What Factors Influence Your FICO Score?

The biggest reasons for credit scores to lower are:Bankruptcies,Collections, Charge offs, Late payments, Judgments, Liens, and too many inquiries.

The most common credit score problem is owing more than 80% of your credit limit.

What's A FICO Score?  Is it the same as a credit bureau score?

Credit bureau scores are not the same because most creditors do not report to all 3 bureaus and some don’t report at all unless payment stops. Cell phone carriers, utilities, collection agencies, smaller banks, hospitals, and many other companies only report to credit bureaus when there is bad credit.

Credit scoring is not a measure of a person’s bank account, assets, or income. These scores are based upon the information in the credit report. A credit report doesn’t do much good without the credit score. This is the measure of your credit reliability.

Some quick facts about credit and credit scores:
• The average American has a credit score of 677, credit scores range from around 350 to 850.
• To obtain a low interest bank loan you will need a Fico score of at least 640.
• Middle to high interest loans will want a Fico score of at least 640.
• A poor credit score is 575 or lower.
• A good credit score is 640– 720.
• Your credit score is considered below average when it falls between 576– 639.
• To get very desirable credit terms, you will want a Fico score of 721– 850.

How to Increase My FICO Score?

How can individuals improve their FICO scores?

You should realize that raising your FICO score is a little like losing weight, it takes a bit of time because there is no quick fix.

How to Increase My FICO Score?

Everyone wants to know "how to increase my FICO score"….however, keep in mind most quick fix remedies are bound to go wrong.

You will need to learn to get your credit under control over time.

Here are some tips for how to increase my FICO score:

*** Pay your bills on time– your score goes down when you make late payments.
*** If you’ve missed payments, make them up and stay current, the longer you keep your bills current,
      the more improved your Fico score will become.
*** Paying off a collection account will not remove it from your credit report, this will stay on your credit report for seven years.
*** If you are having any problems keeping up with your payments, let your creditors know they may have a solution.
*** Re-establish your credit history if you had any problems.
*** You should keep track of your credit report by ordering it at least once a year

If you do some of the tips above you will have completed the "how" part of how to increase my FICO score and you will be well on your way to improving your FICO score.

How To Increase My FICO Score - Part 2

A high Fico score is a very good thing. The higher the Fico score, the better your credit rating will be.

So when you are wondering "how to increase my FICO score" - we will share some tips to follow to raise your FICO score and keep it high.

Keep in mind, the lower your Fico score, the more problems you will have getting good interest rates, or if your score is real low, you may not be able to get a loan at all.

You should certainly purchase your Fico score, to see where you stand in the scheme of things when it comes to your credit rating.

Because a high Fico score is a good thing, here are a few tips for "how to increase my FICO score" and to help you raise your FICO score.

How To Increase My FICO Score Tip #1

1. If you have no credit history, limited lines of credit, or bad credit, you should ask a family member or friend add you to their credit card as an authorized user. Make sure the account is at least two years old, and does not have a balance of over 50% of the credit limit. Of course your name will be on the card as a registered user, but you will not be using it, you are just interested in the credit history it can provide. If you can do this with more than one card, that will help the situation. You do not want to have a bad pay history or one with high payments because this will effect your score. Remember, a high Fico score is a good thing. The next time the card reports to the credit bureau it will show that you have been on the account from the beginning and the good pay history is yours too. You can raise your score up to 50 points by doing this.

How To Increase My FICO Score Tip #2

2. Manage your own accounts and get them down to below 70% of the credit limit of the card. If you owe too much on your accounts your Fico score will be lower, as they believe you do not manage your credit very well.

How To Increase My FICO Score Tip #3

3. Don’t transfer credit card balances more than once a year, choose the offer that will give you a year of 0% interest. The more new credit you open the lower your FICO score will go. Opening a new card once a year should have no effect.

How To Increase My FICO Score Tip #4