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Tips To Estimate Your FICO Score 


The most important thing you need to check and maintain your credit report is your FICO score. FICO score is basically your credit score and whenever you try to rent your home, to purchase something such as home, car or anything else, your FICO score is the most important number not only for you but also for lender. In other words, you can say that FICO score is your key to the door of any kind of sale purchase therefore, you must estimate your fico score to get exact financial condition.

This score was maintained and presented by Fair Isaac Corporation and its range is from 300 to 850. Higher FICO score is the proof of your good credit. TransUnion, Experian and Equifax are the three very important credit-reporting agencies from where lenders can buy this credit score for you. It is best source to be aware of your current financial condition. You must try to estimate your FICO score and will make positive efforts to improve it. A higher FICO score shows that you are not only get an extended credit but also will be provided with interest rates that are more positive and approving.

Higher FICO score shows that there is minimum risk for creditors and once they expand their credit , you will be able to give them assurance of returning money in some specific period. On the other hand, a low credit score shows your financial condition at maximum risk and it indicates that you have missed most of your payments against any of your loan. This situation creates a bad impression before creditors and they think that you are not eligible for loan and deny your application for credit.

To estimate your fico score, one have to be conscious about its range from 300-850. You can make your efforts to improve your score in case if it is less than 620. Those having a score between 560-619, will find it quite difficult in finding new credit. For more chances to get more credit, your fico score must be between 675-699. A 700-fico score will surely get more favorable and positive response from creditors, and those with such a high fico score have brighter chances for new credit. There are possibilities to get more credit offers just after receiving more fico credit. Therefore,in order to get more credit , you try to estimate your fico score.

Your credit score could be effected by five factors and these are:

Payment record

Duration of credit record

Total amount

New credit inquiries

Credit type


The most appropriate way of improving credit score is in time bill payments and in time payments of your debt installments. Your first step should be to get acknowledgment about your credit score and information. You just need to estimate your fico score and them try to make positive improvements for obtaining more credit.

 


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