Know Your FICO Score

Your FICO score (more commonly known as your credit score) tells potential lender, employers, etc. how much of a credit risk you are. It is calculated by the Fair Isaac Corporation (where its name comes from) and can range from 300 to 850. The higher your score, the better your credit is. It is based on the amount of debt you have, how promptly you’ve made your payments in the past, your credit history and a range of other variables.

It’s a good idea to check it routinely (once a year) to ensure that it’s accurate, even if you don’t anticipate applying for a loan in the near future. If you’re in debt, it can be a tool to gauge progress and also negotiate lower rates.

There are three main credit reporting bureaus:
Experion
Transunion
Equifax


You’re entitled to one free report from each agency during the year. The three credit reporting bureaus have a website and toll-free telephone number through which you can order your free annual report.
Online: www.annualcreditreport.com
Via Phone: 877-322-8228
Via the Mail: http://www.ftc.gov/bcp/conline/include/requestformfinal.pdf



Assignment: Find out your current FICO score.

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For those Canadian on here, you don't have a FICO score but you should order a copy of your credit report.

I ordered mine for the first time last month and was happy to see it was accurate.

(It's not free for us .. but for me it was worth it just to know. I plan on checking once a year.)
TransUnion Canada - Credit Score Information & Online Credit Reports

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Thanks for including the Canadian information, KH. I was wondering how it differed up there.

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We check out our credit report yearly in January, esp cuz it's free. But it always says you have to pay to get your score. I haven't come across one that tells us our score free of charge, credit report yes, but score no. Therefore we do not know our credit score.

Any ideas?

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I didn't have to pay for mine, but I had to make sure I unsubscribed to their services otherwise I would have been billed a monthly subscription fee. I started this thread which may be helpful:
How to get your FICO score without being automatically enrolled in something

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Wow! i'm one step ahead! I actually got this on monday.

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I have a CC that keeps track of my credit score, that's pretty much the only reason I haven't closed that card (balance of 0). I know a few CC do that, you can get updates and alerts if your score goes up or down 20 points. I signed up by going through the CC website. HTH.

2 of our CC's track it through Transunion. Unfortunatly that's a false sense of security in a number b/c it is only 1 of 3. To get your accurate FICO score you do need all 3 numbers and the middle # is your credit score..So for example Trans Union (which is always the highest for me) could be a 710, Experian is a 680 and Equifax is a 670...your FICO score translates to a 680 b/c that is your "middle" number.

Also the way they create your scores is changing this year (you can Google FICO 08 and see what they are) Some people will benefit from the changes and some will not, so it is a good idea to be aware of HOW your credit score is generated too (what % makes up what ).

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Here is a breakdown of what your FICO score is comprised of:

1. Payment history: 35%
2. Amounts owed: 30%
3. Length of credit history: 15%
4. New credit: 10%
5. Types of credit use: 10%

Did you know? Potential employers, landlords and even utility/internet/cable providers may check your FICO score to see if you are a credit risk and to see how responsible you've been in making payments.

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Do you mind sharing where you got your credit report and score from? I'm really horrible at finding these things for myself. Did you go to that site that you have on here or did you go someplace else?