Truth about Credit Scores and FICO credit scores ranges

November 9, 2011 in Debt Relief

Truth about Credit Scores, When person apply for loan to creditor, the first question he asks is How much money i can get. The most obious answer by creditor is lets see how your credit history has been and fico credit scores ranges comes into major role.

The creditor asks credit reporting authorities, FICO credit scores credit bureaus for loan applicant’s information.

1. Credit reporting authority sends some data such as number about your past financial data to credit report Companies.

2. Fico uses data with equations such as payment history, mix of credit files, number of enquiries and other data that makes credit score.

3. Fico than provides data to credit report comapnies and finally to creditors to get your credit score.

4. After analysing your credit score money lender is able to give you interest rate and loan amount.

Credit reporting authorities have no idea at what interest rate your creditor is providing you loan, they just provide you data. Fico is the only company that every major money lender use in United States in order to give debtor an order of loan or denial.

Why there are so many errors on Credit Report

Your FICO credit report contains

first and last name, current address, previous address, employer, past employer, Social Security Number (SSN), Date of birth, Public records and credit history.

Fico credit scores ranges and Fico credit scores list
750 to 840 is considered as excellent credit score
660 to 749 is considered as good credit score
620 to 659 is considered as fair credit score
340 to 619 is considered as bad credit score
Bad credit score credit cards, bad credit score loans, bad credit score number, bad credit score mortgage, bad credit score range, bad credit score home loans, bad credit score repair, bad credit score mortgage loans

Bad Credit Score 2012

How to get fast credit card approval 2012.

How to get fast credit card approval in 2012 depends on number of factors such as Credit score, number of credit enquiries, credit debt amount and active trade account.

One of the easiest credit card to get in 2012 are “Blue from American Express”. Blue credit card from American Express is accepted all over the globe with range of option for alomost all credit scores in 2012.

Fico credit scores and scoring is based on all factors that were discussed and certainly they have errors, we would recommed to have fico credit scores guide and adopt small ways about how to increase fico credit scores. Creditors only analyse data provided by Credit reporting authority to check whether you have good credit or bad credit history. So hiring a Credit Score Counselor is certainly a better way to increase score. 

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Truth about Credit Scores and FICO credit scores ranges