Learn about FICO Score when checking your credit report

FICO Credit Score Plays Large Role in Borrowing Possibilities

Find Out What Determines Your FICO Credit Score in Credit Check Report

FICO credit score is one of the biggest factors in determining if you will be awarded the credit you seek. Although it is not the only factor of a credit check report, a FICO credit score is an object way for lenders to weigh the risk factors.

There are 5 areas that are viewed in your credit history that make up your FICO credit score – a numerical value from 500-850 where the higher your score the better your credit check report.

The first area that determines FICO credit score is payment history. Making sure you are consistently on time with payments is important. Next the amount your owe creditors comes into play. Third is how long you have had a credit history. Under a year, and it can be difficult to obtain credit. Fourth, a FICO credit score is given for new credit, meaning how recently you have borrowed. Finally the types of credit you are currently using are a consideration.

To get the highest FICO credit score on your credit check report, make sure unused credit card accounts are closed. Also check your credit report when you have completed a fixed payment loan to be sure it reflects the loan obligation has been paid in full. It is also good to establish a credit history by making consistent and on time payments month after month.

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