Understand your FICO score

Your FICO score is the overall credit rating, one of the main components. Most people have little or no idea what it is and how it is calculated, but the.

FICO is named after its founder, is the Fair Isaac Corporation. This is a figure showing that 400 to 800 people, credit rating falls - 400 will receive at least 800 are the most. There are many other companies still used in the calculation of the FICO variantsThe most common.

The exact calculation is strictly confidential, but people have been able to identify a number of important factors, reverse engineering ratings.

Late payments will result in scores decline. Later they, and they are more common larger decline.

Another factor is the FICO score is based on the amount of debt the total amount you have available.

One of the guests who are as follows620 is considered below average, and anything below 580 is a poor score. Up to 720 and will be considered very good. Range from 620-720 with less definition, if your score down in this regard, other factors tend to have more credit decision-making weight.

Mortgage companies, banks and credit card companies use is an important factor is the FICO score, when your loan application. Your guests can also effect how aProvide them with interest rates.

In the past two years, the loan industry, there have been some significant changes. In the increasing use of computers, especially the Internet, because there are some important changes.

This may be the cause of the FICO score is so important - it is a relatively straightforward way to quickly determine the credibility and not with the personal interaction.

If your FICOScores better than you think, there's really no quick fix. How do you pay for a period of time of your debts and payments on time will gradually increase your score. This one thing is responsible for, and to ensure that your payment was not late or not at all think that.