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Your FICO Credit Score is Between 300 and 850
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Anyone whose FICO score is below a 720 should spend time trying to improve their score, since they are in a higher risk pool according to most lenders. Lower credit scores pay higher interest rates when they are approved for credit; and are often denied when applying for credit applications.
How the FICO Score is Calculated
The actual formula is a bit of a mystery - although all consumers have a right to know what financial situations are used in determining the credit score. Here is the breakdown of your credit score:
10% - Types of Credit You Have. A small portion of your credit score reflects your mix of existing credit. Do you have credit cards, mortgages, car and personal loans and retail accounts?
10%- Number of New Accounts. If you have a high number of new accounts opened in a short period of time, you are showing signs of desperation. Opening several new accounts in a short period of time will lower your score, as will multiple inquiries during a short period of time. (unless the inquiries are made within a 14-day period, and are all for [url=http://www.1855sacramento.com/woolrich.php]woolrich parka[/url] the same type of credit- for a car loan or a mortgage for example).
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