 After I apply for a credit card and get approved, when can I use it? |
| I am preapproved for a secured credit card and I'm going to take the notice to Bank of America and deposit money in there so I can use it. Will they give me a card number after I apply so I can ... |
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 If you have a bad credit score, what can you do to make it better or the scor5e higher? |
Additional Details
I can't and won't get into too much personal detail but mainly it's been past debt that's gotten me into trouble with credit score. Also I wan'... |
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 If you pay of your credit card every month avoiding....??? |
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What is the BEST method of building credit?... |
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For uses such as for online shopping and paypal?
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I recently paid off a credit card, and I have a few more credit cards to pay off.
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I ... |
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 Credit question, 10 year old visa bill |
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 Credit card enq? |
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 Credit cards?? |
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 How can i start building credit? |
i'm a college student, i already have loans out. how can i start building my credit?
Additional Details
i dont have any bills yet. i have a checking account.... |
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luvbug7982 | Confused about credit scores...what is the fico score? |
Im going to be applying for a loan soon and the loan officer said i should have a minimum FICO score of 660. Well i pulled all three of my credit scores and they are all different! My experian score would pass for that minumum but the other two wouldnt. What exactly is the FICO score and which credit bureau determines it? |
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SPIFIMAN1
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FICO scores from 300 to 850 anything that calculates to below 300 defaults to a 0.
FICO score are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
To have the best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history's.
According to the largest credit union in Oklahoma FICO scores rate as follows;
Elite 740 & up
Prime 700-739
Preferred 660-699
Standard 625-659
Sub-prime 624 & down |
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Sgt Big Red
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You will find that the big three reporting agencies always vary in their score calculations. Not all creditors report to all three, some only report to one CRA, hence the various scores.
Which one is used by the lender depends upon which source they use. Lenders have to pay a fee for their services.
Here is a link to download a file explaining how FICO works. This is free info from the Federal Govt.
http://pueblo.gsa.gov/cic_text/money/creditscores/your.htm
All about FICO scoring.
Hope this answers your question. |
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Amanda Z
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I can't answer your question entirely, but I can tell you that the answer above stating that Experian is the FICO score and Exquifax is "beacon", is wrong. I pulled my equifax report just a couple weeks ago with a FICO score on it... so that can't be right. Might want to google "FICO" and see what you find. good luck. |
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latebreakfast
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You have three credit reports. Each one is given a "score". This score is simply a rating given to each one to determine several factors, mostly if you're credit worthy.
You can get your scores elsewhere, but if you want the real deal, then FICO scores are the way to go. FICO only does scoring, not credit reports.
They are the most accurate.
Each score will cost about 16.00 and you would want to see all three.
Example:
FICO looks at your Equifax and gives it a 700.
They look at your Transunion and give it a 720
They look at Experian and give it a 690
Lenders usually take the middle number, in this case 700, to determine your credit worthyness.
Here's how FICO determines your score based on your credit reports.
(read this link from FICO's site)
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
As for using any other public scoring system, you are wasting your money.
I had used Transunion's scoring system. They scored me way LOW on all three reports. I went to FICO and found that I was 50-60 points higher. When I applied for a mortgage, these scores were nearly identical to the scores the mortgage company gave me.
To get the scores, go to this site and click the buy now button. You can choose one score, or all three.
Good luck, I hope they're high!
http://www.myfico.com/Products/FICOOne/Description.aspx |
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tudorjason (matt)
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All three credit bureaus use FICO scores, which ranges between 350 and 850. But you should also know that the bureaus are starting to use another scoring model called VantageScores, which ranges from 501 to 990 and is scaled based on grades like on a report card.
Some lenders will look at all three, some will look at all three and take the mean, some will look at all three and take the median, and some will only look at one. And each credit bureau has a variation in the scoring models, which is why you'll typically see a difference. |
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soulsta
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Please visit myfico.com and look at the section called credit scoring 101. There is a lot of useful information there and lots of resources. Good luck!! |
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william star
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fico is determined by three bueeaus: Experian, Trans Union, and Equifax. Some lenders might use the fico score from on of these bureaus or take a middle score using more than one. This is simply a way for the lender to see the borrower's credit history. For more detailed information Check the source. |
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$m¤¤v¥ £¤¢¤
 |
Here's the REAL answer, and the website that can give you your FICO score, but it does cost... |
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lepr0kan
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Fico refers to your experian score, transunion is empirica and equifax is Beacon. These are just the terms for the scoring system each bureau uses. |
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