A credit score is a formula that creditors use to predict the “risk” factor of providing credit to an individual. Creditors will analyze your credit reports, reviewing your payment history, current outstanding debts, length of credit history, new credit applications and current credit usage. There are many different types of credit scores depending on the type of credit you are applying for. Credit scores developed by Fair, Isaac and Company are referred to as FICO scores. Below is an example of credit score factors in FICO scores:
Credit Score Factors
As you can see, paying your bills on time and keeping a moderate level of outstanding debts is important to obtaining a good credit score.
Many credit reporting agencies advertise free credit reports, which detail your credit history with one or more credit reporting bureaus. You can also receive (within 60 days of notification) a free credit report if you apply for credit and are denied. Unfortunately, these free credit reports don’t often include your credit score and are only a record of your credit history. Most credit reporting agencies will only provide your credit score for an additional charge.
CreditGUARD of America provides a free credit report, free Coach Credit Score™ and free 30 day trial of Coach Credit Scout™ with the purchase of the CreditGUARD Coach™ Program. The CreditGUARD Coach™ Program includes Coach Game Plan™ and Coach Budget Analysis™. Coach Game Plan™ provides detailed analysis of your credit report and gives step-by-step instructions on how to improve your credit score. Coach Budget Analysis™ helps you develop a budget and gives tips on getting out of debt faster!
The higher your FICO score, the better your credit. FICO scores below 539 are considered very poor credit. FICO scores between 540 to 589 indicate poor credit. FICO scores between 590 to 669 signify fair credit. FICO scores between 670 to 729 denote good credit. Individuals with FICO scores over 730 are considered to have very good credit.
Now that you know how good/bad your credit score is, where do you go from here?
Visit our credit management section on how to improve your credit, or use the CreditGUARDCoach™ that provides step-by-step instruction on how to increase your credit score. For individuals with good credit, CreditGUARD of America, Inc. also offers Coach Credit Scout™ for monitoring your credit against identity theft and credit card fraud.
If you have any more questions about credit scores and how to improve your credit situation, please Contact us online or call CreditGUARD of America at 1-800-500-6489. Certified credit counselors are available Monday through Thursday 8:00 a.m. to 12:00 midnight; Friday 8:00 a.m. to 11:30 p.m.; Saturday 10:00 a.m. to 6:00 p.m. Eastern Time. For online service, 24/7, use the Credit Card Debt Analyzer to calculate your estimated interest and payment savings available, through our debt management program.
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