Understanding Your FICO Credit Score and Your Credit History

    Do you know Fair Isaac? The Fair Isaac Company is the creator of the FICO score: that little three digit number that
    controls your ability to get a decent rate on your credit cards, mortgage loan, or car loan. It also impacts your ability to get
    car insurance, home insurance, and even to get a job. How can that be?

    The Fair Isaac Company was founded in 1956 to provide data to help businesses make smarter decisions. In 1995 Fannie
    FICO score to qualify mortgage loan applicants. Imagine having no idea why your loan was disapproved except that
    something called a FICO score was not good enough. It was not until recently that the Fair Isaac Company was even willing
    to share the major categories that they use to calculate your score.

    The exact formula that is used to calculate your credit score is still a closely guarded secret. However, thanks to Internet
    lenders who in early 2000 published some of the FICO guidelines in response to public outcry over the secrecy, Congress
    finally made it a law that people should have access to their scores.

    Over 65% of lenders now use the FICO scores to make sure that they will be able to get back the money that they lend. If it
    is even slightly possible that you will pay late or default on your loan those lenders will raise your interest rates or even deny
    you credit.

    In the next series of articles I will cover the five factors that affect your credit score:

  • Payment History

  • Amounts Owed

  • Length of Credit History

  • New Credit

  • Types of Credit.


    Linda Adams is an innovative and seasoned facilitator/educator with more than 20 years experience designing and
    implementing programs for audiences of all ages. She is dedicated to helping others realize how important their credit is
    to every facet of their lives.

    Credit Article by Linda Adams - The Clean Credit Queen
    Good Day and Good Credit
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Linda Adams, The Clean Credit Queen is not a registered investment advisor and the information provided on this website should be considered educational in nature, but it is not a substitute for
legal or professional financial advice. If you believe you need the help of a Certified Financial Planner or other investment counselor, please seek a qualified professional.
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