Credit Report Score Chart Helps You Figure Out Where You Stand on Credit Matters

Custom Search

You should compare your credit score to the credit report score chart below to figure out where you stand on credit matters.

You are probably asking yourself: What does the credit score or FICO score mean anyway? What is considered good credit? How does debt consolidation affect the credit score? How can I improve credit scores legally?

Like it or not, your credit score or your FICO score is among the most critical numbers to you because in only three digits, your whole past performance and creditworthiness are summed up by the bankers and loan officers. These numbers will help or hamper you in the future.

Information about you and your credit history are gathered by the three credit monitoring companies—Equifax, Experian and TransUnion. It is all there--your bill paying history (at least the past seven years of it), the number and types of accounts you have, late payments, missed payments, collection actions, outstanding debt, the age of your accounts, total amount of credit, arrests, lawsuits, bankruptcies, foreclosures, everything.

You can see how a poor credit score could hamper your new business activities. The good news and bad news of it is that all of this information—pages and pages of it (if you have a long credit history)--is statistically summarized in three critical digits—your credit score.

Your credit report can be had free once a year but you have to purchase your credit score (sometimes there are deals where you can get a free credit report with FICO score). You can purchase your FICO score just once or you can have your score monitored so that you can keep on top of any changes.

A lot of different credit scores are available online on the internet, but the FICO score seems widely used by lenders. Check your score at www.myFICO.com for $15.95 and also receive guidance to help you manage your particular score over time.

The credit report score chart reproduced on this page will help you evaluate credit score rankings. In a recent publication, the Fair Isaacs Corporation, inventors of the FICO score, offered a detailed chart on the national distribution of FICO scores. The credit report score chart:

  • 2% of the population had a score between 300-499
  • 5%, 500-549
  • 8%, 550-599
  • 12%, 600-649
  • 15%, 650-699
  • 18%, 700-749
  • 27%, 750-799
  • 13%, 800+

In the credit report score chart, you want your score to be as close of 800 as possible. If you have had a lot of financial problems in the past, there are things you can do now and going forward to raise that score.

In order to calculate a FICO score for you, there must be a minimum of information on your credit report such as at least one account that has been open for six months or longer and at least one account that has been reported to the credit reporting company within the past six months.

Value Links

In general, when people talk about FICO scores, they are actually talking about one of three FICO scores developed by Fair Isaac—one at each of the three main U.S. credit reporting companies. Here are the companies and their FICO score names:

  • Equifax BEACON
  • Experian Experian/Fair Isaac Risk Model
  • TransUnion FICE Risk Score, Classic

Here are some popular search links for researching more on credit or FICO scores: how raise your credit score, what is considered good credit, credit score for home loan, government free credit score, explain credit scores, estimate credit scores, credit score evaluation, free credit FICO score, credit score rating chart, meaning of credit score, credit score table, credit equifax report score, check credit score free, credit score interpretation, what do credit scores mean, free credit score canada, determining credit score, free credit score instantly, no credit score mortgage, bankruptcy and credit score.

Custom Search

Jump from Credit Report Score Chart to Check Your Credit Page