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fico scores

FICO Scores & Credit Reports

The Traits of the 800 FICO® Credit Score Holder

When it comes to the FICO® Score 8, the most widely used credit score in the country, a score of 800 (or higher) signifies excellence.

In FICO terms, a score of 800 or above is “Exceptional” and way above the national average. Borrowers in this range will most likely not have a problem getting credit. Why? Based on history, only about one percent of 800+ credit score holders are likely to become delinquent. Low risk means easier lending.

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FICO Scores & Credit Reports

Free Credit Report vs. a Credit Report from FICO

Is one better than the other?

Free Credit Report… you’ve seen the commercials, the banner ads, the social media push and lots more. However, do you know what’s missing from that free credit report? Your FICO® Score – the credit score used by 90% of top lenders to decide whether or not to give you a loan and what interest rate they’ll charge.

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FICO Scores & Credit Reports

5 factors that determine a FICO® Score

Many people of “creditworthy” age know what a FICO® score is. For those who aren’t sure: a FICO Score is the number that represents a borrower’s creditworthiness. It is based on the data within his or her credit report(s). That number, in turn, is used by 90% of top lenders to determine how much credit they’ll offer a borrower and at what interest rate. In essence, it’s a “guide” for lenders to assess the risk of loaning money to individuals.

That’s it. We’re done. There’s nothing else you need to know about a FICO Score, right? Well, not exactly.

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FICO Scores & Credit Reports, Personal Finance

How difficult is it to improve your credit score? It might be easier than you think.

Yes, it’s true – improving your FICO Score might be easier than you think.

That’s not saying it will be faster, just easier, based on specific actions you can take over time. If your FICO® Score is lower than you’d like, you’re most likely aware that it took time to get it down to that number. Maybe you maxed out some credit cards… missed a few payments on a mortgage or auto loan… applied for too much credit in a very short timeframe. Whatever circumstances occurred to lower your FICO Score happened over a period of time and the same holds true when taking steps to improve your credit score. It will take awhile to get your FICO Score to where you want it to be, but the actions required to get it there are reasonably simple.

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FICO Scores & Credit Reports

Here’s The Surprising Reason You Should Work On Your Credit

I write a lot about credit. I’ve built my entire career around it, and I’m passionate about helping people create healthy credit.

Is it because I love great credit scores and low credit card balances? Not really. Those are important to have and they’re the ideal goal when working on your credit, but they’re not the REAL reason I do this.

Instead, I’m so focused on credit for one surprising reason…

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