need help understanding credit score

[Bertha Venation]

Do you know of any web sites w/ free information and advice about credit scores? I went to fico.com -- FairIsaac -- but it seems like you can't get anywhere w/out paying.

Help? Thanks.

[kick-ass-bob]

1. depending on where you live,

you will be able to get a free report each year starting between now and November(?). West coast first, then progresses across the country.

[Bertha Venation]

2. thanks, bob

Appreesh! :bounce:

[demnan]

3. If your score is 730 or above

you're in good shape.

[kick-ass-bob]

4. mine is 210. Is that bad?

:P :silly:

[Bertha Venation]

5. oo-kay . . .

that gives me something of a point of reference. Thanks, D. :hi:

[mcscajun]

6. The formulas are secret and proprietary…

but these are the factors that go into the formulas:

Payment history, amount of credit currently outstanding, number of credit accounts and total credit available (unused), length of your credit history.

If you've opened (or applied for) new accounts, that also is factored in. Too many at one time could lower your score.

Any inquiries against your credit record are noted. Too many could lower your score.

If you've ever had a judgment against you or have declared bankruptcy, or been subject to collection for a debt, that's in there, too.


http://www.alliemae.org/understandingcreditscoring.html

http://www.freddiemac.com/creditsmart/credit_scoring/