When banks, lenders, and credit card companies want to measure the risk posed by potential clients, they turn to the FICO scoring system. Your FICO score allows these companies to see exactly how good of a job you have done with managing your finances, and gives them insight as to whether or not you will be able to keep up with your monthly payments. Knowing where your credit score ranks is the first step towards maintaining and improving this financial reputation, so take the time to check your score today!
Checking your FICO score for free is easier than ever, thanks to the dozens of reputable credit scoring agencies that have taken their services online. You can request, receive, and view your score and credit report all in a matter of minutes, usually under 5 minutes. Isn’t technology live score fantastic? Even better is the fact that the US government has mandated that all the major credit reporting bureaus must give citizens a free copy of their credit information, if requested, once per year. This means that you can not only securely and quickly receive your FICO score from the comfort of your home, you can do it totally free of charge.
Once you have received your credit score you will want to determine how good, or bad, it ranks compared to the national average. FICO credit scores range from 300 to 850. The average American FICO score in 2009 was 692 points, which is considered a B+ score. A score over 720 is considered an A, and anything over 740 is extremely good and will get you an A+ rating. Any score over 620 is considered to be good credit and should not inhibit your ability to get approved for loans, leases, credit cards, and other financial services. However, if your score is under 620, you might want to consider taking steps towards improving your finances and repairing your credit.