DRIless
Guest
- Joined
- Apr 29, 2017
- Messages
- 1,368
- Reaction score
- 406
- Points
- 143
WOW! I wish I understood all this credit score stuff, but mine jumped 65 points this month from moderately good to really, really, really good. Retired/self employed, no real changes that I know of, maybe should pull a credit report. Guess it's time to buy a timeshare at 20% interest, not!
How are FICO® Scores calculated?
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining how FICO® Scores are calculated.
35% - Payment History
30% - Outstanding Debt
15% - Length of Credit History
10% - New Credit
10% - Credit Mix
What are FICO® Scores?
FICO® Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agency at a particular point in time, and help lenders evaluate your credit risk.
Why are you providing FICO® Scores?
Reviewing your FICO® Scores can help you to better understand your financial health.
How often will I receive my FICO® Score?
Your FICO® Score 9 is based on Equifax data, from updated credit score data from Equifax once a month. When you view your FICO® Score Online or through the Mobile app, you see the most recent FICO® Score received from Equifax.
Will accessing my FICO® Score impact my credit?
No. The FICO® Score we provide to you will not impact your credit.
What are Key Score Factors?
When a lender receives a FICO® Score, "key score factors" are also delivered, which explain the top factors from the information in the credit report that affected the score. The order in which FICO® Score factors are listed is important. The first indicates the area that most affected that particular FICO® Score and the second is the next significant area. Knowing these score factors can help you better understand your financial health over time. However, if you already have a high FICO® Score (usually in the mid-700s or higher), score factors are informative but, not as significant since they represent very marginal areas where your score was affected.
Why is my FICO® Score different than other scores I've seen?
There are many different credit scores available to consumers and lenders. In addition, FICO® Scores are based on credit file data from a particular consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores. The score being made available through this program is FICO® Score 9. When reviewing a score, take note of the score date, consumer reporting agency credit file source, score type, and range for that particular score.
Why do FICO® Scores fluctuate/change?
There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a particular consumer reporting agency (CRA) at that time. So, as the information in your credit file at that CRA changes, FICO® Scores may also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.
How do I check my credit report?
Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate. You may get a free copy of your credit report once every 12 months. To request a copy of your credit report, please visit: http://www.annualcreditreport.com or you can request a free copy from each of the three major consumer reporting agencies including Equifax. Please note that your free credit report will not include your FICO® Score.
How are FICO® Scores calculated?
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining how FICO® Scores are calculated.
35% - Payment History
30% - Outstanding Debt
15% - Length of Credit History
10% - New Credit
10% - Credit Mix
What are FICO® Scores?
FICO® Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at particular consumer reporting agency at a particular point in time, and help lenders evaluate your credit risk.
Why are you providing FICO® Scores?
Reviewing your FICO® Scores can help you to better understand your financial health.
How often will I receive my FICO® Score?
Your FICO® Score 9 is based on Equifax data, from updated credit score data from Equifax once a month. When you view your FICO® Score Online or through the Mobile app, you see the most recent FICO® Score received from Equifax.
Will accessing my FICO® Score impact my credit?
No. The FICO® Score we provide to you will not impact your credit.
What are Key Score Factors?
When a lender receives a FICO® Score, "key score factors" are also delivered, which explain the top factors from the information in the credit report that affected the score. The order in which FICO® Score factors are listed is important. The first indicates the area that most affected that particular FICO® Score and the second is the next significant area. Knowing these score factors can help you better understand your financial health over time. However, if you already have a high FICO® Score (usually in the mid-700s or higher), score factors are informative but, not as significant since they represent very marginal areas where your score was affected.
Why is my FICO® Score different than other scores I've seen?
There are many different credit scores available to consumers and lenders. In addition, FICO® Scores are based on credit file data from a particular consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores. The score being made available through this program is FICO® Score 9. When reviewing a score, take note of the score date, consumer reporting agency credit file source, score type, and range for that particular score.
Why do FICO® Scores fluctuate/change?
There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a particular consumer reporting agency (CRA) at that time. So, as the information in your credit file at that CRA changes, FICO® Scores may also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.
How do I check my credit report?
Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate. You may get a free copy of your credit report once every 12 months. To request a copy of your credit report, please visit: http://www.annualcreditreport.com or you can request a free copy from each of the three major consumer reporting agencies including Equifax. Please note that your free credit report will not include your FICO® Score.