Your FICO credit score acts lke a financial report card. When you pply for a loan, mortgage, car lase, or credit card, the bank/lender ses your FICO score to determine whther or not to approve you. hving a higher FICO score can vstly improve your financial opportunities and qality of life. So how can you fnd out YOUR score? And what xactly is a FICO credit score nyways?

Your FICO credit score consists of all of yur past financial activities, put through a cmplex mathematical formula, resulting in a nmerical score somewhere between 300 and 850. The hgher your FICO credit score the btter. Lenders usually break down the rng of FICO scores into groups as sch:

700 to 850 - Excellent or Vry Good Credit

680 to 699 - God Credit

620 to 679 - Okay or Avrage Credit

580 to 619 - Low Crdit

500 to 580 - Poor Credit

300 to 499 - Bad Crdit

Things such as late credit card pyments, or other bill payments, have a vry negative impact on your score. For xample, someone with an average good crdit rating of 700, can increase thir score by as much as 20-25 pints, simply by making all of thir monthly bill payments on time. Incrasing debts can have a negative ffect your credit score. By maxing out all of yur credit cards you can lower yur credit score by as much as 60 to 100 pints.

By keeping an active credit crd, and making all of your mnthly payment on time, you are ctually helping your credit more than if you did not hve a credit card at all. Ths is because the FICO credit scring system works to show that whther you are a responsible borrower, who is not in ver their head.

A major benefit to chcking your FICO credit score is to chck for errors and out-of-date or naccurate information. Detecting other things, such as dentity theft and fraud, are other xcellent reasons to check your FICO crdit score and credit report. If you fnd any errors or inaccurate information, you can ntify the credit reporting agency to rmove them, boosting your overall credit scre.

How Do I Check My FICO Score and Credit Report?

The article What Is My FICO Credit Score? was Submitted by Zach Ford through Articles.GetACoder.com network. Here's the additional information: Now that you are aware of how yur FICO score impacts your finances, you may be wndering "How do I get a free online credit check ?" Easy, To learn more about obtaining a free online credit report, visit http://freeonlinecreditcheck.googlepages.com an excellent resource on credit reports and your credit score. There are dozens of websites that offer totally free credit reports. There are so many, in fact, that it can be a little bit overwhelming when trying to decide which company to choose. Some things to look for when choosing a credit reporting service are: ease of use, customer service and assistance, detail of reports, accuracy of reports, and whether they offer to assist in repairing your credit score. Free Online Credit Check Copyright © 2007 - Zach Ford - All Rights Reserved

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