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Fico scores are the pivoting criteria in order for a lender or creditor to extend you a loan or line of credit. No one really knows the mathematical model to calculate this three digit number.

We do know that the following factors affect your fico score:

• Outstanding Accounts : The more the debt you have, also known as high income debt ratio, the higher the risk you are and this lowers your Fico score.
   
• Derogatory Information : The most recent two years of credit history in your credit report are weighted higher than past history.
   
• Credit History : The longer your credit report history, the better. Your credit report employment history is also a plus. The longer you have been working at an employer the better. Beware of open credit, open credit are those accounts that are open with no debt and have not been used for over one year. This may count against you when applying for any credit. The lender or creditor may say that you can theoretically max out these accounts and raise your income to debt ratio.
   
• Use Of Credit : The fewer the credit accounts open the better. Additionally, the less credit inquiries, the better for your Fico score. If there are too many credit inquiries or credit checks in your credit report, the lender may think you are trying to open numerous accounts.

Typical Fico Score grades:

750 and higher	Excellant	A++
680 to 750	Very Good	A+
620 to 680	Good	A
580 to 680	Above Satisfactory	B
550 to 580	Satisfactory	B-
480 to 550	Below Satisfactory	C
Click here to	obtain your credit report online.

Credit Reporting Agencies

Experian Credit Information Service PO Box 2002 Allen, TX 75013-2002 www.experian.com

Equifax Credit Information Services PO Box 740241 Atlanta, GA 30374-0241 www.equifax.com

TransUnion LLC PO Box 1000 Chester, PA 19022-1000 www.transunion.com

See also:
Bad Credit Loan, Credit Checks, PayDay Advance, Bad Credit Car Loan, Refinance Loan, New Car Loan, Business Financing