Even if you know that you have a credit rating, and that the number associated with this score is important, do you know where this number comes from? While there are different scoring models (with FICO being the most popular), all credit scores are based on the information contained in your credit reports.
If you’re surprised by your FICO score, you’re not alone. Your score is determined by a few contributing factors, and each one is weighted differently in terms of how much it affects your total credit rating. Basically, there are 5 different components to consider.
You’ve noticed that there are some great lease deals out there, so you’re thinking that you might want to try leasing your next car. But you’re wondering just how good your credit needs to be in order to qualify for a lease contract. And while there is a general guideline, it really comes down to the individual discretion of each leasing company.
The lender formerly known as GMAC has started a pilot program that offers account holders access to their FICO Score
For Experian members, the addition of FICO scores marks the beginning of a series of product enhancements that will take place over the next 18 months
Naturally, parents want to give their children every advantage possible in life, and a good credit score is no different. But since a good score is something earned and not given, how do you get her started?
To begin with, knowing your credit scores is important. If you doubt that’s true, just ask the President. Secondly, the FICO Score Open Access program, once it becomes more widely available, could certainly help all consumers – even those with poor credit, as this would allow borrowers to see the same credit score that lenders use to manage their accounts.