How To Build Your FICO Credit Score
A FICO score is a number that is used to predict the likelihood that you are going to pay your credit card bills on time.
How To Build Your FICO Credit Score
A FICO score is a number that is used to predict the likelihood that you are going to pay your credit card bills on time.
A FICO score ranges from 300-850 and is calculated based on five different factors. These factors are your payment history, the amount of debt you have, how long you’ve had credit, how much new credit you have, and how many new accounts you have opened.
The difference between a FICO score and other scores such as Experian or TransUnion is that the FICO score is created by one company – Fair Isaac Corporation. For this reason, it’s sometimes called a “generic” or “industry standard” score.
Understanding How to Boost Your FICO Score for Maximum Benefits
A high FICO credit score can help you get lower interest rates on loans, better car insurance rates and even a job. And while there are many ways to improve your credit score, it’s important to understand how the FICO credit scoring system works.
The best way for you to boost your FICO score is by paying off any existing debt and not taking on any new debt. Paying off old debt will help you pay down your accounts with the highest balances first. This will reduce the total amount of interest that you owe and increase your credit limit which should also impact your FICO score positively.
FICO 9 Credit Repair Settlement Program
Learn more about FICO 9 Credit Repair and Debt Settlement Programs launched November 2014, and how recent changes brought on by the Consumer Federal Protection Bureau (CFPB) and Fair Issac Credit Reporting (FICO) are removing Medical Debt and Unsecured Debt form credit cards and many other creditors.
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