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myFICOsm

 

Manage your Credit. Manage your Life.

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Your Credit Score is online now directly from myFICOsm  !

The FICO® Score, available to you directly from Fair Isaac, is the score that lenders use to assess your creditworthiness.  The score, along with the data on your credit report, help determine the rates and amount of loan you might qualify for.

Why would you need or want a FICO® Score?

The "myFICOsm " score is provided to consumers by Fair Isaac, Inc., and is the standard for credit scoring used by lenders. 

What is a credit score?

How credit scoring helps you.

What is a good score to get?

Tips for raising your credit score.

What if I'm turned down for credit?

Scoring facts and fallacies.

What is a credit score?

A Credit Score is a number lenders use to help them decide: "If I give this person a loan or credit card, how likely is it that I will get paid back on time?"  A score is a snapshot of your credit risk picture at a particular point in time.

There are many types of credit scores, but the most commonly used are credit bureau scores.  Credit bureau scores are based solely on information in consumer credit reports maintained at one of the credit reporting agencies.  Other types of scores may also include information from credit applications or files. 

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How Credit Scoring Helps You:

Credit scores give lenders a fast, objective measurement of your credit risk. Before the use of scoring, the credit granting process could be slow, inconsistent and unfairly biased.

Credit scores — especially FICO® scores, the most widely used credit bureau scores — have made big improvements in the credit process. Because of credit scores:

  • People can get loans faster. Scores can be delivered almost instantaneously, helping lenders speed up loan approvals. Today many credit decisions can be made within minutes. Even a mortgage application can be approved in hours instead of weeks for borrowers who score above a lender's "score cutoff." Scoring also allows retail stores, Internet sites and other lenders to make "instant credit" decisions.
  • Credit decisions are fairer. Using credit scoring, lenders can focus only on the facts related to credit risk, rather than their personal feelings. Factors like your gender, race, religion, nationality and marital status are not considered by credit scoring.
  • Credit "mistakes" count for less. If you have had poor credit performance in the past, credit scoring doesn't let that haunt you forever. Past credit problems fade as time passes and as recent good payment patterns show up on your credit report. Unlike so-called "knock out rules" that turn down borrowers based solely on a past problem in their file, credit scoring weighs all of the credit-related information, both good and bad, in your credit report.
  • More credit is available. Lenders who use credit scoring can approve more loans, because credit scoring gives them more precise information on which to base credit decisions. It allows lenders to identify individuals who are likely to perform well in the future, even though their credit report shows past problems. Even people whose scores are lower than a lender's cutoff for "automatic approval" benefit from scoring. Many lenders offer a choice of credit products geared to different risk levels. Most have their own separate guidelines, so if you are turned down by one lender, another may approve your loan. The use of credit scores gives lenders the confidence to offer credit to more people, since they have a better understanding of the risk they are taking on.
  • Credit rates are lower overall. With more credit available, the cost of credit for borrowers decreases. Automated credit processes, including credit scoring, make the credit granting process more efficient and less costly for lenders, who in turn have passed savings on to their customers. And by controlling credit losses using scoring, lenders can make rates lower overall. Mortgage rates are lower in the United States than in Europe, for example, in part because of the information — including credit scores — available to lenders here.

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What is a good score to get?

Since there's no one "score cutoff" used by all lenders, it's hard to say what a good score is outside the context of a particular lending decision.  For example, a FICO score of 750 may qualify you for a platinum credit card, whereas a score of 675 may indicate you're a better match for a standard card.  Your lender may be able to give you guidance on the criteria for a given product.

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Tips for raising your credit score:

  • Score reflect payment patterns over time with more emphasis placed on recent information.  To improve a credit score:
  • Pay your bills on time.  Delinquent payments and collections can have a major negative impact on your score.
  • If you have missed payments, get current and stay current.  The longer you pay your bills on time, the better your score.
  • Be aware that paying off a collection account will not remove it from your credit report.  It will stay on your report for seven years.
  • If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.  This won't improve your score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.
  • Keep balances low on credit cards and other "revolving" credit.  High outstanding debt can affect a score.
  • Pay off debt rather than moving it around.  The most effective way to improve your score in this area is by paying down your revolving credit.  In fact, owing the same amount but having fewer open accounts may lower your score.
  • Don't close unused credit cards as a short-term strategy to raise your score.

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What if I'm turned down for credit?

If you have been turned down for credit, the Equal Credit Opportunity Act (ECOA) gives you the right to obtain the reaons why within 30 days.  You are also entitled to a free copy of your credit bureau report within 60 days, which you can request from the credit reporting agencies.  (Click here for more information on how to dispute inaccuracies. This information is provided by TrueCredit.com)

If the score was a primary part of the lender's decision, the lender will use the score reason codes to explain why you didn't qualify for the credit.  (They often may not tell you your score, because the reasons behind it are more useful--but you can ask.)

If your credit application was turned down, or you didn't qualify for the interest rate you wanted, ask your lender how you can improve your credit picture.

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Scoring Facts and Fallacies

Fallacy: My score determines whether or not I get credit.
Fact: Lenders use a number of facts to make credit decisions, including your FICO score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their perception of this information, as well as their specific underwriting policies, lenders may extend credit to you although your score is low, or decline your request for credit although your score is high.

Fallacy: A poor score will haunt me forever.
Fact: Just the opposite is true. A score is a "snapshot" of your risk at a particular point in time. It changes as new information is added to your bank and credit bureau files. Scores change gradually as you change the way you handle credit. For example, past credit problems impact your score less as time passes. Lenders request a current score when you submit a credit application, so they have the most recent information available.

Fallacy: Credit scoring is unfair to minorities.
Fact: Scoring considers only credit-related information. Factors like gender, race, nationality and marital status are not included. In fact, the Equal Credit Opportunity Act (ECOA) prohibits lenders from considering this type of information when issuing credit. Independent research has been done to make sure that credit scoring is not unfair to minorities or people with little credit history. Scoring has proven to be an accurate and consistent measure of repayment for all people who have some credit history. In other words, at a given score, non-minority and minority applicants are equally likely to pay as agreed.

Fallacy: Credit scoring infringes on my privacy.
Fact: Credit scoring evaluates the same information lenders already look at — the credit bureau report, credit application and/or your bank file. A score is simply a numeric summary of that information. Lenders using scoring sometimes ask for less information — fewer questions on the application form, for example.

Fallacy: My score will drop if I apply for new credit.
Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

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