How to Find My FICO Score

The FICO (Fair Isaacs Corp.) score is the score most lenders use in making an assessment about your suitability to grant a line of credit. Your FICO score can determine whether you get the credit you want. The higher the score the better positioned you are to get credit. Get your FICO score regularly. You cant get it free but it is easy to find your score: use the MyFICO website. Instructions 1 Apply online at MyFICO.com (see Resources section)....

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How Fast Can I Change My Credit Score?

If you're looking to buy a house, take out a loan or get a credit card, the lender will check your credit score. The higher the score, the lower the risk for the lender and the cheaper the loan for you. If you're prudent, you can raise your credit score in as little as a few months. If you're reckless with your finances, you can damage your score in just a few weeks. Definition A credit score is a three-digit number, roughly between 300 and...

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Student Loan Credit Problems

Student loans can be a burden to pay back. Payments can be high, especially if you are a graduate who owes tens of thousands of dollars in student loans. If you've missed payments or defaulted on your loans, your credit score will be affected, possibly preventing you from getting other kinds of credit. There are many programs that can help you get your student loans into repayment status, which will help to rebuild your credit profile. Deferment If you are unable to pay your student loans, you can ask your lender for a deferment. A deferment...

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What Key Factors Impact Your Credit Score?

Key factors can negatively or positively impact your FICO credit score, affecting your ability to get a loan, rent an apartment or qualify for insurance. The number of accounts, payment history and types of credit cards you own help the Fair Isaac Company (FICO) determine your score and helps creditors assess your risk of defaulting on your payments. FICO scores range from a low 300 points to a high 850 points.To improve your credit score, the Federal Trade Commission suggests you pay your bills on time, review your credit report for errors and...

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What Is an Average FICO Credit Score?

Your FICO credit score is a number between 300 and 850 that credit reporting agencies assign to you based on your financial history, and which creditors use to assess you as a loan candidate. Even if your repayment history is favorable, a below-average score can hurt your chances of obtaining a loan. Nationally About 58 percent of Americans have credit scores of at least 700, meaning most have relatively high credit scores. The national average is 692, according the Experian credit reporting agency. A creditor may consider your score low...

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How to Report Fraud & Identity Theft

Identity theft and fraud can devastate your financial standing. Criminals pose as you to open fraudulent accounts, then make as many charges as possible and run out on the bills while your credit reports take the hit. They also use your current credit cards and bank accounts if they can get the numbers. You may not even be aware that your identity is stolen or your accounts information is compromised until debt collectors call about unknown accounts or checks bounce and credit transactions are denied. Report the problem as soon as you find out...

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Does Paying Off Student Loans Bring Your Credit Score Higher?

With the price of tuition constantly on the rise, more and more people are taking out loans to pay for college. According to the American Council on Education, the average student graduates from a four-year private college with more than $17,000 worth of debt. The average master's student is $29,000 in debt, though it's not uncommon to owe much more. That much debt can drag down your credit score. Paying it off can help. Credit History and Student Debt Student loans are different from other forms of unsecured debt. While they do count against...

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Is a Vantage Score a FICO Score?

Consumers have a new credit score to deal with that could be more consistent and accurate than the FICO model most people know: the VantageScore. As of 2011, the VantageScore is but a blip on the radar of most lenders and consumers, but could become as important as the FICO model. What might be confusing is that FICO and VantageScore use very similar algorithms and rating scales. Identification The VantageScore is not a FICO score, but it acts and looks similar to one with slight differences. The FICO model uses five main factors, while...

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Ways to Find My Credit Score

Your credit score influences many facets of your life. The interest rate on your home, the fees associated with your credit card and deposits paid to utility or cell phone companies are all based on your credit rating. You can obtain a copy of your credit score in many ways. Credit Bureaus The three major credit bureaus allow you to view your credit score for a small fee. The features that come with viewing your score vary based on the type of product your purchase. For example, Experian offers the option of purchasing your credit score...

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How to Add Remarks to Credit Report

In 2003, the Fair and Accurate Transactions Act (FACTA) amended the Fair Credit Reporting Act of 1970. The changes brought forth by FACTA primarily benefit consumers. Not only did consumers become entitled to a free copy of their credit reports every year, but also, a new provision was created. This provision allows consumers to add remarks--typically called a consumer statement--to their credit reports. You can use this opportunity to say almost anything; however, its primary purpose is to enable you to explain negative accounts or incidents of...

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Can a Debt Consolidation Loan Improve My Credit Score?

When your debt is piling up and you expect your credit score to sink, a debt consolidation loan may be a solution for some people. This type of loan is designed to combine your debts into one debt, so you can make affordable monthly payments. Besides making your debt payments more manageable by having only one loan payment, the interest rate on the debt consolidation loan typically is lower than than the interest rates for the various debts that are consolidated. The long-term goals are to keep your accounts current, lower your monthly payments...

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Factors Affecting Credit History

Knowing the factors affecting your credit history can help you make wise credit decisions and achieve a higher credit score. Your credit history affects your ability to get loans. In some cases, poor credit history can hurt your ability to land a job. Explore ways to improve your history and achieve the best credit rating possible. Payments to Creditors An individual's payment pattern is a top factor affecting credit history. In fact, this...

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Can I Have My Bankruptcy Removed From My Credit Report if It's Been Eight Years?

Bankruptcy can lower your credit rating by 240 points or more -- the FICO scoring scale only has a range of 550 points -- and stays on your credit report longer than most other items, according to Les Christie of CNN. You may be able to remove a bankruptcy from your credit history after eight years depending on the type of bankruptcy you file. However, the credit reporting time limit has almost ended at this point. Identification Your bankruptcy may automatically fall off your report after seven years. A Chapter 7 case stays on your credit...

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Debt Reporting

Debt reporting takes place when a creditor reports your accounts and payment history to the credit bureaus. Most creditors report monthly, but some report less frequently. The credit bureaus place the information from the creditor onto your credit report. The information your credit report contains does not appear forever. You have a legal right to dispute inaccurate or outdated information that appears in your credit file. The Facts When...

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How to Achieve Your Dreams by Building a History of Good Credit

Good credit is almost as important as what's in your bank account when it comes to achieving what you want in the world. Large purchases, such as property or a house, and even smaller purchases, such as a car, are largely dependent upon your financial standing with regard to credit available. There are many tricks to building a strong foundation of good credit. Strangely enough, not carrying any debt can actually hurt your credit score. Whatever...

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How to Get a Copy of Someone's Credit Report

To get a copy of someone's credit report, you must have a legitimate business reason and the person's permission. Legitimate business reasons include lending money, issuing insurance and conducting a credit check for a potential employee or tenant. According to MSN Money, more than one in three employers check the employee's credit report before hiring. Instructions 1 Request the permission of the person whose credit report you want to access. You should get this permission in writing for future reference because it is illegal to access...

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Does Opting Out of Prescreened Credit Cards Improve My FICO Score?

Credit reporting agencies build your profile using a variety of quantitative and qualitative data. The agencies use a credit scoring model developed by Fair Isaac Corp., FICO, and provide these scores to help lenders ascertain the risk of default should they loan you money. FICO scores include weighted analysis of your payment history, the amounts you owe, length of credit history and types of credit used. According to the Federal Trade Commission, removing your name from prescreened lists, or "opting out," has no effect on your credit scores....

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How to Send Letters to Credit Agencies That Will Be Placed in Your File

Lenders use your credit report to help them determine whether to give you a loan and at what interest rate. When you fill out an application to rent an apartment, apply for a job, want to take out insurance coverage or try to get credit, utilities or a cell phone, anyone with a legitimate business need can pull up your credit report. You may be shocked to learn, however, that 70 percent of credit reports contain errors, according to Bankrate.com. These errors could prevent you from getting credit or loans. You can correct this by sending a proper...

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Will a Cell Phone Plan Affect My Credit Score?

Your cell phone plan does not generally affect your credit score because it is not a loan or revolving account like a credit card. You enter into a contract and make monthly payments for a service, just as you would for utilities like gas and electric. This information does not show up on your credit reports as long as you pay on time, but you score could be affected if your account goes delinquent. Reporting Items only affect your credit...

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What Will Your FICO Score Be After Filing Bankruptcy?

Bankruptcy filings hit an all-time high -- nearly 1.6 million -- for the 12-month period ending September 2010, according to BankruptcyAction.com. Bankruptcy harms FICO scores more than anything else, because filing bankruptcy is the last resort when you cannot handle your debt. Nobody can say what your credit score will be after filing bankruptcy, but with work you can improve your score after bankruptcy. Effects The rest of your credit history will soften the harmful effects of a bankruptcy, but expect your FICO score to drop 100 points...

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Does Your Credit Score Matter?

Your credit score, or more accurately stated, your credit scores, have a tremendous impact on your finances and your life. These credit scores, as reported by the three major credit bureaus, TransUnion, Equifax and Experian, are viewed by companies when you apply for credit, open accounts and even apply for a job. Poor credit can limit the amount of money you can borrow and determine the interest rate and terms of your loans. As a Basic Guideline...

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How to Compare FICO Scores

Your FICO score is your link to seeing what creditors see. This is the core that lenders pull to approve or deny you for credit. Knowing your FICO score can provide with the advantage of being able to improve it. You can find errors and discrepancies in your reports and have them corrected, as well as watch as your score rises with each new account gained, each balance paid off and with each bad account that is erased due to age. Getting and comparing your FICO scores will help you improve your financial situations and obtain credit in the future....

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Do Credit Checks Lower Your FICO Score?

The three major credit bureaus, Equifax, TransUnion and Experian, use a complicated system to determine your overall credit report. The credit bureaus consider several factors, including how many times you apply for new credit. These applications, known as inquiries, may come from a variety of sources, not all of which count against you. What Are Inquiries? Anytime you apply for a new credit card, personal loan, auto loan or mortgage, the lender pulls your credit report, which results in an inquiry. The credit bureaus keep a record of all...

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How to Dispute Credit Report Letters

You usually don't know which credit bureau a lender will use to order your credit report when you apply for a loan or account. The Fair Credit Reporting Act (FCRA) requires the lender to reveal this information if your application is denied because of information contained in the report. You will receive a letter stating the reason you were turned down and contact information for the credit bureau. You may use this letter to make a dispute if you...

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How Does Guaranteeing a Loan Affect Your Credit Score?

Loan Guarantor A loan guarantor is someone who promises to pay a loan if the primary borrower does not make the payments as promised. People with lower credit scores or no credit might ask a relative or friend to guarantee a loan so they will be approved for the loan or so they can get a lower interest rate. When you sign on as a loan guarantor, your name is put on the loan and, depending on how the terms are written, your credit score may be affected the same way it would be if you were the primary loan holder. Potential to Raise Your...

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How Often Should You View Your Credit Report?

Even though checking your own credit report has no effect on your credit rating, viewing your credit history is one of the best things you can do to improve your creditworthiness. Consumers who pulled their credit report scored 9 percent higher on a financial literacy quiz, according to a 2011 Consumer Federation of America study. Ideally, you should view your report as often as possible. Identification Because a personal credit check does not affect your credit rating, you should view your credit report every day. For practical reasons...

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What Happens to My Credit Score If I Don't Pay a Credit Card?

Damaging your credit score is about as bad as burning up all the cash in your wallet, according to CNN Money. If your credit score tanks, you are going to pay high interest rates if you can get a loan at all. Missing a credit card payment can do a lot of damage to your credit score. Significance Your credit score ranges from 300, which is the worst, to 850, which is the best. Many factors determine your credit score. Paying your bills on...

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Some Steps to Raising Your Credit Score in 30 Days

You should not plan to have great credit within a month if you have a poor credit history, but you might be able to see a significant change. Some factors in the FICO scoring formula, such as your length of credit history and payment history, take years to build, but you can deal with some factors immediately. Raising a score quickly is easiest when you have errors or outstanding debt as your main problem. Dispute Errors Removing erroneous mistakes on your credit report often is the easiest way to raise your credit score, because negative...

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How Long Will It Take to Repair Credit After Late Mortgage Payments?

A single late payment on your mortgage or other credit account can lower your credit score by 50 points or more depending on your creditworthiness. It seems unfortunate that a one-time missed payment, perhaps even by accident, can have such long-lasting and detrimental impacts on your credit, but credit scores can also be rebuilt and improved over time. Immediately Get Back on Track Credit scores can change daily based on your outstanding balances, credit history and other factors. After a late payment, the best thing to do is to get back...

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Three Quick Tips on Fixing Bad Credit

Although the best way to fix bad credit is to build a consistent payment history over a long period, you can also take steps to quickly improve your score. This can be helpful if you are getting ready to apply for a new loan or mortgage and want to increase your chances of being approved with a low interest rate. Fix Credit Report Errors If your bad credit is a result of mistakes on your credit report, dispute these mistakes to fix your credit. Obtain a copy of your credit report from each of the three credit bureaus through the Annual...

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How to Clear a Bad Debt Collection on Credit

A bad debt reflected on your credit report can be removed, if it's erroneous. As noted by the Federal Reserve Board (FRB), just like your postal mail contains numerous mistakes in the spelling of your name or address, your credit report can contain likely error as well. Bad debts can show up on your credit reports due to many reasons, including out-of-date information, identity fraud, and simple error. If you want to clear a bad debt collection from your credit record, it must be in error and not a legitimate debt on which you defaulted. Instructions...

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Can Bad Debt Be Removed From a Credit Report After Paying?

The national credit reporting bureaus warn consumers that it takes years for the federal credit reporting time limit to expire on negative items in a credit history, but consumers can delete accounts after paying them. However, a pay for deletion is not possible in all scenarios. When a deletion is not an option, the best choice may be to reduce the importance of a bad debt. Considerations Normally, the national credit reporting bureaus report written-down debt and collection accounts for seven years. Some debts, such as tax liens and levies,...

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Experian Credit Score Explanation

Experian, along with Equifax and Transunion, maintains and reports consumer credit reports and credit scores. Credit scores may also be referred to as FICO scores. Credit scores affect your ability to get a home loan, car loan and consumer credit cards. Utility companies and cell phone companies also sometimes review credit scores prior to providing service. Significance Creditors and loan companies use your credit score to determine if they...

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How to Get an Original Creditor to Stop Reporting a Charged Off Account

When an account is charged off, it is the equivalent of the creditor giving up on your ability to pay it back. The creditor sells the account to an outside collection agency at a reduced rate, figuring that something is better than nothing. The damage is two-fold -- you burn your bridge with the creditor in question, and you incur serious damage to your credit score. The impact of a charge-off can be felt for up to seven years, during which time all of your other creditors will be aware that you were unable to meet your obligations. Instructions...

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Should I Dispute the Closed Accounts on My Credit Report?

Closed accounts on your credit report do not usually cause trouble unless they are reporting bad information. If this is the case, you need to get your side of the dispute out there or you will suffer the consequences of letting this go with reduced access to credit and higher borrowing costs. Contact Credit Bureaus The Credit Reporting industry in the United States is centered on three large companies: Equifax, Experian and Trans Union. Each of these most probably have some form of a credit report on virtually every person in the United...

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What Does a Defaulted Federal Student Loan Do to Your Credit Rating?

Student loans carry low interest rates and have favorable terms, yet even with these benefits many people default on their student loans every year. Unlike other loans such as auto and home, federal student loans are not discharged in a bankruptcy so getting out from under a student loan is difficult. If you find yourself defaulting on a federal student loan you may find that your credit rating will decrease significantly. Credit Rating Effect...

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Is Your Credit Hurt If You Don't Get a Credit Card Approval?

Credit scores affect everything from a borrower's ability to buy a house to the interest rate he receives. A good credit score can save a savvy consumer thousands of dollars annually in interest charges. But the impact of specific action in relation to your credit score is difficult to discern, in part because the exact formulas that credit bureaus use have not been released to the public. According to Consumer Reports, a loan denial only has a...

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How to Clean Up Your Credit History

Your credit score is a very important number. Banks use it to determine whether or not they will give you a car loan or a mortgage, it is a factor in determining your interest rate on loans and credit cards, and employers can even check it before they offer you a job. Get a handle on your debt and clean up your report. Instructions 1 Obtain your credit report. You are entitled to a free credit report once per year. You need to see your report from all three credit bureaus: Equifax, Experian and TransUnion. Each report may differ in what...

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Does Consolidationg Credit Card Debt Increase Your Credit Score?

Credit card consolidation involves taking out a new loan in order to pay for previous debts you have incurred. The new loan is procured at a lower interest rate than previous debts, making it easier for you to pay off. Time Frame Initially, consolidating your credit card debt will neither increase nor decrease your credit score, according to Lending Tree.com. As you establish a history of paying down your debt consolidation loan on time,...

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