Lenders use your FICO score to determine the risk involved in doing business with you, since this three-digit number (which generally ranges from 300 to 850) reflects your overall credit history. Credit card companies, banks, landlords and prospective employers may all view your FICO score when assessing your application for a credit line, apartment or job. Poor credit scores can mean being passed over for other candidates with a stronger credit history. Reviewing your FICO score is an effective way to identify incorrect information or accounts that must be repaid in full to regain points. You can get your FICO score through a number of avenues.
FICO Score
Your FICO score is composed of several factors. One component is your credit portfolio; lenders like to see a mixture of installment loans (such as student loans and home mortgages) and revolving credit (such as credit cards) but in general, installment loans are viewed more positively than revolving accounts. Your score also reflects length of history with lenders: Having longstanding relationships with lenders is viewed positively while recently opening numerous new credit card accounts reflects poorly. Other factors include your debt-to-income ratio and payment history.
Direct Purchase
The most direct way to get your FICO score is through purchase. Visit the myFICO.com website and prepare to enter credit card information to receive your score. After your payment is processed, you will be able to instantly view your credit score. Consumers have multiple FICO scores because of the varying ways credit information is reported to the three credit bureaus (Experian, TransUnion and Equifax), and it's possible to purchase more than one at a time. In 2011, consumers can purchase their FICO TransUnion and FICO Equifax scores for a total of $39.90, or $19.95 each.
Annual Credit Report
Another way to get your FICO credit score is to pay a fee to access the score when reviewing your annual credit report. Federal law requires the credit bureaus to furnish a free copy of a person's credit report each year, at consumer request. You may request the free annual credit report online within the official Annual Credit Report.com website, and then enter credit card information to receive your FICO score.
Credit Monitoring
Some financial services companies offer a free look at your FICO credit score if you sign up for a trial period of their product; for example, credit monitoring. This workaround helps you view your score for free, but if you forget to cancel the trial membership, you'll wind up paying monthly fees for the service.
Estimates
If you don't need a exact score, myFICO.com offers estimates for consumers willing to enter their financial information in response to questions such as how many credit cards you have, how much time has passed since you took out your first loan and the total balance of all of your loans, including auto loans, credit cards and home loans. The estimate won't be exact but can paint a general picture of what lenders may view when accessing your credit score.
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