Free Credit Report Check – Articles
A Good FICO Score Is Important
Everything you do depends on you having good credit. It gets checked when you rent or buy new home. When you want to take out a loan to buy a new car your credit score gets checked. Some jobs even require having good credit, and they will check your score before they hire you. There are several ways to figure out your score, but the most commonly used is the fico score.
The fico score stands for Fair Issac Corporation. It gets calculated by using statistics. It takes several things into account, like if you pay your bills, if you pay them on time. It also looks the length of time you have had an account open. It is a quick snapshot of everything at one given point in time. The highest percentage of your score is whether or not you pay on time. In fact, that makes up 35% of your total score. The next highest is the way you utilize your credit. This counts for 30% of your score This looks at the ratio of your revolving credit to the amount of credit available. The best way to increase the part of your credit score is to pay down your credit bills. The other 35% include the type of credit you use, the length of time you have had it, and how often your credit score has been checked.
Since your fico score is so important, and it can really hurt you, it’s important to keep track of it.
You have several options to do this. The easiest is to get a free credit report. There are 3 credit reporting agencies. You can get a credit report from each of them once a year for free. After you have taken advantage of that then you will have to pay a small fee for each credit report. You can also talk to the three agencies and have them set a special watch on your score. That way you are alerted anytime anyone searches your credit. That will let you keep track of people accessing it, and protect both your score and your identity.
The best way to maintain a good fico score is to pay your bills. If you need to increase your score then you should work on paying down your bills, and paying them on time. Those are the two fastest ways to get your score back up where it should be, so that you can get the loan you want.