Credit Report Score Chart

Credit scores change continually, and using a credit report score chart or personalized analysis can help you to keep tabs on changes including potential problems.

Understanding Your Report Chart

Strive for a High Credit Score

Media has brought the importance of individual credit scores to light in a recent blitz of catchy television commercials urging consumers to monitor their credit scores. What many people don't realize is that credit scores fluctuate depending on what you do or don't do. This score rates the quality of your credit and is used by:

• Credit card companies
• Home equity lenders
• Auto loan lenders
• Finance companies

Your goal should be to have a high score, because a low score can limit your chances of getting a credit card or loan. In fact, if you have a low credit score, you will most likely be charged higher interest rates, too.

Checking Your FICO Credit Score

To play it safe, when you're ready to make a major purchase and apply for a loan, you'll want to check your FICO score because this will be the score the lender will view when determining whether or not to extend you credit.

Things That Affect Your Credit Score

Because of the increased interest in credit report score charts a plethora of generic credit report sites have arisen. It's important to note that you are qualified to receive one credit report from the three major credit bureaus annually. These credit bureaus include:

• TransUnion
• Equifax
• Experian

These three bureaus use computer models created by Fair Isaac to determine your FICO credit score. While this isn't an exact science, the following percentages can give you an idea of the importance weighted on each of the following categories:

• Payment history – 35 percent: This is self explanatory. If you are delinquent in paying bills, claim bankruptcy or any other similar payment problems it will lower your score.
• Outstanding debt – 30 percent: Not all debt is bad, but if your debt almost matches your credit limit, it can bring your credit score down.
• Established credit history – 15 percent: It is better for your credit score if your accounts have been established for longer amounts of time.
• New credit – 10 percent: While established credit is good for your score, if you apply for a number of new accounts it can have an adverse affect on your credit score.
• Types of credit – 10 percent: FICO looks for the consumer to have different types of credit in use including both revolving and installment accounts.

Personalized Credit Report Score Chart

Various companies are available to monitor your credit, check progress and note potential problems before they become issues that hurt your credit in the long term. Some services are available for a fee while many of these sites do offer a free copy of your credit report and your credit score. Part of the paid services often includes coaching to help you learn what you can do to improve your score.

To break it down a little, most credit scores fall between 300 to 900. Most people fit within the 600 to 800 range. For those who want to receive the best interest rates, a score of 720 or more is needed.

To get a copy of your personalized credit report check out the following resources:

• Identity Guard
• Free Credit Report.com
• FreeTripleCreditReport

How Do You Measure Up

To give you an idea of where your credit stands compared with others in your area, the following chart lists the average credit score by state:

Know Your Score

Good credit doesn't just happen and bad credit doesn't just go away. Take the time to educate yourself. Know your credit score and take steps to keep it healthy.

• How Can I Improve My Credit Score Fast
• What to Say When You Can't Pay
• Tips For Paying Off Credit Card Debt
• How Does Debt Consolidation Work
• What is a Good Credit Score

• American Express Black Card
• What Is APR
• Sears Credit Card
• Do It Yourself Card Credit Debt Settlement
• Credit Card Generator

• Category:Managing Your Credit
• Free Instant Credit Reports
• Credit Scoring Systems
• Personal Credit Report
• Improve My Credit Score for Free