How to Order Your FICO Credit Score?
It pays to know your score and to inspect your report
periodically. Checking your credit score provides a way to explore ways to improve
your credit score to save you money paid in interest. When you get your
score, you'll also get an explanation of your score and ways you can improve
it. At myFico.com, you also gain access to a feature that lets you create
hypothetical situations, such as paying off a particular debt or paying
credit card bills on time, etc., and see how such actions will affect
your score.
You can order your FICO Score from the following service:
Three bureau credit scores
If you'll apply for a mortgage within the next six months, you'd better check the scores from all three credit bureaus. Since
not all lenders report your payment history to the same bureaus, your credit scores may be different at each other. You can check your credit
score at the three national credit bureaus (TransUnion, Equifax and Experian)
by ordering a report at
.
The Credit Score Range
Lenders know that statistically people with
scores of 800 and above comprise 11% of the population. Their
delinquency rate is 1%. Out of 100,000 people this means only
110 of them will experience delinquent payments.
Compare to the lowest score, or the 300-499
range. Only 1% of the population falls into this category!
So it looks like much less of a total risk for the lender,
right? Not when you consider that 87% of people in this category
will have late payments—do the math and it makes 870
people. If you were a lender, you would want to steer clear
of poor credit scores. If you had to make loans or extend
credit into this category, you would probably try to make
up for your losses by charging high interest rates—which
is exactly what happens in the real world.
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