Credit Repair Resources

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Current Date and Time:
Thu Aug 07th, 2008 09:09 pm

Fico and Credit Score

Fico and Credit Score. We explain how your FICO Score works.

Raise Your FICO Score

If you use credit, you have a credit score, and it's used by credit card companies, home equity lenders, auto loan lenders and finance companies when you apply for credit or a loan. FICO stands for Fair, Isaac and Co., leading to the somewhat generic term "FICO score." Your FICO and credit repair are closely related.

Your credit score is meant to be a snapshot, or summary, of your credit history. A lower score can result in your not getting a credit card or loan, or that if you do, you will pay a higher interest rate. Also, some lenders will take your credit score and other information to use and set the "price" for your loan.

FICO considers the following credit factors (the approximate weight it assigns to each factor is in parentheses) when assigning a score:

You can factor in your FICO and credit repair together. If you want to improve your credit score, which will improve your credit, overall, take the following steps:

Don't give up on hope just because you have a low score. Many lenders will override credit scores if they think you are a good risk despite problems with your score.

Fico and Credit Score