Your FICO score, previously known as a Fair Isaac Corporation score, is the most widely used indicator of your credit tendencies, such as how likely you are to make your bill payments on time. This score is used by TransUnion and Equifax, two of the biggest credit reporting agencies in the United States. It is essential that everyone know what there score is and, if needed, take steps towards improving their score. You are entitled, by federal law, to receive a free copy of your credit report when requested, once per 12 month period. Take advantage of this opportunity to see where you stand financially, because you can't start improving your credit score until you know what it is!
Where Does My FICO Score Rank?
Once you have obtained a copy of your credit report and FICO score, you will probably want to know what your score means. Here is a simple rating system to determine how well you rank in the eyes of the banks and lenders:
- 700 to 850 is excellent
- 680 to 700 is great (US Average)
- 550 to 680 is good
- 450 to 550 is low
- 300 to 450 is poor
This is a very basic ranking, but will give you a general idea of where you stand. The higher your score is the better interest rates, terms, and payment plans you will be receive on any loans or lines of credit. Also, a higher score can help when renting an apartment or leasing a car. So don't delay, check your FICO score and credit report today and find out once and for all what your credit score is. Remember that you are entitled to receive a copt of your report and score for free, and that any extra services offered to you, such as credit monitoring and credit repair, are totally optional.