Checking and monitoring your credit score is an essential task for all of us to manage. Striving for the best credit score possible can help you obtain new loans for a vehicle, home improvement project, mortgage and so much more. These scores aren’t just a number, but an open door to many opportunities in life. Your score can be easily accessed for free and can seesaw depending on many factors. Your FICO score is just one of many credit scores used by lenders. The experts at Choice Mortgage Group have provided you with the essential information to understand your FICO score.
We all have the same question in our head. What exactly is a FICO Score? A FICO score is a single type of credit score that is created by the Fair Isaac Corporation, a data analytics company. According to an analyst report, these scores are the most widely used credit scores, used in almost 90% of U.S. lending decisions. To calculate your FICO score, the corporation analyzes a variety of credit information and then compiles this data creating scores to help lenders forsee the behavior of a consumer.
FICO is constantly updating its scoring methods due to evolving consumer trends. You also have more than one FICO score. Each score is a three-digit number that outlines your credit risk. The data is accumulated from three elite credit bureaus – TransUnion, Experian, and Equifax. Currently, there are about 28 FICO scores that lenders consider. Your FICO score can range from 300 to 850. The higher the score, the less credit risk. Although keep in mind a “good” score does vary from lender to lender.
Your credit reports tell a lot about you. These reports are the basis of how your FICO score is calculated. They not only outline your credit data but also your personal information. Your reports can differ slightly from bureau to bureau, thus your FICO score will vary as well. Your credit report contains about 4 sections of basic information: personal information, your accounts, your inquiries and negative items. Remember that as these reports change, so does your FICO score.
Your FICO score is based on 5 key details of information:
Learning the ins and outs of your FICO score can be a lot to consider. Your credit score is crucial in regards to your financial decisions. Choice Mortgage Group takes pride in our ability to handle any and all financing needs. Emmanuel St. Germain will provide you with a solution that fits your financial situation because each client is unique. Call us at (561) 441-2730 or contact us by clicking here.
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