FICO Score Chart

A FICO score chart can help you to see where your credit score is in relation to others. FICO scores are the most commonly used scores by lenders. It is important to know your FICO score since this credit score can affect your ability to borrow money.

Explore the credit score scale.

A credit score is a numerical representation of your credit history. It is an easy way for lenders to know if they should loan money to you. A high credit score implies you have used credit wisely in the past and will likely continue to do so in the future. To a lender, you are less of a credit risk. Conversely, a low credit score implies you have experienced credit problems in the past and may continue into the future. Therefore, those with a low credit score are more of a risk to the lender.

The question many people have is about where they stand with regards to the FICO system. It is up to each lender to determine what a "good" score is to them. In other words, some lenders may see a 681 as an above average score while others may see it only as a good score.

The following FICO chart may help you to determine where your score is in relation to others. The FICO score range is from 300 to 850. The higher the number is, the better it is.

These numbers are meant to be more than just a rating for how well you manage your finances. They are used by lenders to determine if you are a good risk for a loan or not. Even more specifically, they are used to determine the interest rate the lender will charge you. The higher your credit score is, the lower the interest rate they will charge you.

In addition, the lower your interest rate is, the less you will pay for the money you borrow. For example, suppose someone with a credit score over 800 is charged 4.9 percent for a 30 year fixed rate mortgage, resulting in a monthly payment of $1600. Then suppose someone else applyies at the same time for a loan, but with a lower score of 650. This borrower will pay more. If given an interest rate of 5.99 percent, for example, this will result in a monthly payment of nearly $1800, even though the same amount of money was borrowed.

Consumers who wish to learn what their credit score is can find out by visiting one of the three national credit reporting agencies. Credit scores are not free. You do have to purchase them if you want to know what they are.

• Free Scores: A free credit score may be available to you as an introductory offer to a score monitoring program. There may be a trial run that can help you to get a free credit score.

• Free Credit Reports:' You are entitled to a copy of your credit report without charge one time each year from each of the three credit bureaus. To obtain a copy of that report, visit AnnualCreditReport.com. This report will not tell you what your score is.

• Ask Lenders: When you do apply for a credit card or a mortgage loan, ask the lender about their evaluation of credit scores. For example, if you know your credit score is 704, ask them what type of interest rate they offer for that credit range. This way you can avoid the inquiry on your credit report when the lender checks it. For those shopping for the best interest rate, this can help you to avoid unnecessary credit report checks by lenders.

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