Highest Fico Score

Ask Kim: Free way to get your credit score

A: Although you've been able to get a free copy of your credit report from each of the three credit bureaus for several years from www.annualcreditreport.com , you generally had to pay extra to get a copy of your credit score. But now if you are denied credit or are charged a higher interest rate because of your score, lenders are required to reveal your credit score.

But there is a catch. The law requires lenders to provide the version of the score they used to set the terms and rates for the specific loan, which may be different from the more familiar FICO score. For example, mortgage lenders, auto lenders and retailers who sell big-ticket items on an installment basis may all use slightly different calculations based on specific risk criteria.

The new credit score disclosure rules don't require a lender to give details on the calculations used to determine its score, but it must let you know the score scale - the highest and lowest score - and up to four factors that adversely affected your score, such as high balances or late payments.

"This is to help consumers better understand how their credit history can be viewed by lenders," says Maxine Sweet, of credit bureau Experian. "Consumers may be confused by the many different scores, but it's important for them to focus on where they fall in the range of risk for the model used and what factors in their credit history caused them to be considered a higher risk.

"Lenders may start providing credit scores to everyone who applies," says John Ulzheimer, president of consumer education for SmartCredit.com. That could help more people see how their credit history stacks up, even if they have a good score.

It's a good idea to know your credit score before you apply for a loan, though, so you can figure out how to boost your score and qualify for a better rate. You can obtain your score for about $7 to $9 when you get a free copy of your credit report at www.annualcreditreport.com Experian and TransUnion provide your VantageScore - a score created by the credit bureaus - and Equifax provides an Equifax version of the FICO score. Or you can order your FICO score and a credit report at MyFico.com for $19.95.

Figuring Out Whats the Highest Credit Score | ez Credit Scores

Whats the highest credit score? Every credit card consumer wants to know that, but before they actually find out it is also important for them to understand what the credit score is. The FICO score is another name for the credit score. This system for credit scores was created by the Fair Isaac Corporation and therefore it is named FICO. The FICO score is affected by a variety of factors. In terms of credit products and services, people get to avail certain advantages when they have the highest FICO score that is possible. It is definitely possible to achieve the highest credit score, all people need to do is increase their score by taking certain actions.

The 300 mark is the lowest form of FICO scores while the highest goes up to 850. People are able to receive the best interest rates on automobile loans, credit cards, mortgage loans and other credit products, if they have the highest credit score. This means that people get to pay less in finance charges for the credit products they available therefore they are able to save a significant amount of money. People are also able to make lower payments if they avail a lower rate of interest too. Based on their credit score many people even receive offers for credit products in their mail from different companies. People are also able to pick and select an offer with the best terms and conditions due to their high credit score.

suggested reading: It is important for people to be aware of the five factors that contribute to their credit score if they wish to receive a high credit score. When configuring the credit score, the first category that people should consider is their payment history. This is the largest contributor to the credit score with almost 35% of the score being represented by it. People manage to increase their credit score by paying their debts on time.

The amount of debt that people owe is the next category they need to deal with. The credit score can be at harm if an individual owes too much debt. The credit score somewhat also depends on the amount of available credit that an individual has. The credit score can also be lowered if the amount of available credit is lowered, when people close on of their accounts. Then again credit score can also be lowered if people have too much available credit. The credit score will also continue to fall once 30% of available credit has been used up by an individual. Thus, 30% of the calculation of the credit score is determined by the amount of debt that people owe.