You FICO score has probably already played a larger role in your life than you may think. If you have even applied for a apartment, credit card, loan, lease, or cell phone, your credit score has been a determining factor in whether or not you get accepted. This is because your FICO rating is the most commonly used method by banks, lenders, and other companies, to judge how well you manage your finances. The better your score is, the better the interest rates and terms you will receive, and that can save you thousands of dollars. So what is a good FICO score and how can you get yours totally free of charge?
Your credit report contains all of the information used to calculate your FICO credit rating, which will fall somewhere in the range of 300 and 850 points. A good FICO score is most commonly said to be 700 points, though anything over 650 is acceptable by most companies' standards. If you have stayed on top of your bill payments, kept your amount of debt down, and do not have any maxed out any credit cards or lines of credit, you will probably be above the 650 mark. Another good reason to check your credit report and FICO rating, is to check for any errors. These erroneous entries, such as duplicate, out-of-date, and fraudulent items, can have a negative effect on your score, but are easily removed if you spot them.
Here is an important thing to remember: You are legally entitled to receive a totally free copy of your credit report, once per year, but only if you request it. This is thanks to the Fair Credit Reporting Act and the Accurate Credit Transactions Act, which both state that it is your right to know what is in your credit history. The best was to request your report and score is to use one of the many websites which offer free credit reports. These websites may offer additional services to you when you request your FICO score, however these services are totally optional and are not required to receive your FICO credit score.