Monday, July 6, 2009

What's Your Score?


By: Karen Saley, Extension Specialist

Your FICO score is an important number when it comes to applying for credit. You may be asking “what exactly is a FICO score?” It’s a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. What this means is that your FICO score is constantly changing depending on several factor such as payment history, amounts owed, length of credit history, new credit and types of credit in use. This chart shows what percentage of these factors is considered when calculating your credit score.

A FICO score can range from 300-850 with most of the population falling between 750 and 799. How high or low your score is may determine your ability to secure credit and influence what the interest rate on that credit will be.

Unlike your credit report, which you are entitled to free of charge, there is a fee you must pay to get your FICO score. The cost is about $16.00 and can be purchased through any of the three credit reporting agencies; Equifax, Experian, and TransUnion. To obtain a copy of your credit report or FICO score you can click on

Because your FICO score is a direct result of your credit history it is very important that you are aware of and understand the information in your credit report. For more information regarding your credit report and your FICO score visit


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