FICO Credit Score (english)

Answers for Credit Profile

What is a FICO® Score?

A FICO score is a numeric score which can range between 300 and 850. Consumers with higher scores represent a lower risk of defaulting on their loans and are considered by lenders to be more desirable customers than those with lower credit scores. For more information regarding FICO scores, visit www.myfico.com.

What is the difference between a FICO score and a credit score?

A credit score is a value generated by a mathematical formula utilizing the data from your credit report. Your credit score is a figure used by lenders as an indicator of how likely you are to repay your loans. While there are various types of credit scores available in the marketplace, we display a score called the FICO score.

A FICO score can range between 300 and 850 and is a measure of your creditworthiness. Credit bureau scores are often called "FICO scores" because most credit bureau scores used in the U.S. are produced by Fair Isaac and Company, or FICO. FICO scores are provided to lenders by the three major credit reporting agencies: Equifax, Experian, and TransUnion.

The FICO score from each credit reporting agency considers only the data in your credit report at that agency. If your current scores from the three credit reporting agencies are different, it's probably because the information those agencies have on you differs.

We display the Bankcard Industry Option FICO score. This score adjusts the Classic FICO score based on bankcard credit risk. The Classic FICO score measures a consumer's general credit risk; it is a tool that helps lenders predict how likely a consumer is to default on any credit obligation in the future. Large differences between the Classic FICO score and the Bankcard Industry Option FICO score indicate a consumer whose general credit risk is different than their bankcard credit risk.

When do FICO scores update?

The first score we display for your account is the score we obtained from the credit bureau when processing your application. This score is usually made available to you on our website within 2 to 4 weeks after your account has been opened and will remain available until it is 90 days old or we have begun receiving updated scores from the credit bureau. It may take as long as 3 to 4 months after your account is opened before we begin receiving the monthly updates. If you have a secured credit card account, we may not receive a score with your application, and it may take up to 6 months for a score to be displayed.

Scores are generally updated on a monthly basis depending on credit bureau updates and your account standing and should be available to view after the 21st through the 29th of the month. The score provided is based on the information in your credit report for the previous month.

However, we may not always receive a FICO score update for all of our customers from the credit bureau. If we do not receive information concerning your credit score from the credit bureau, we will not be able to display your updated FICO score. Additionally, as your credit history changes, so does your FICO credit score. If we do not receive an updated FICO credit score for your account within 90 days, we will no longer display your score.

Why do different sources show different FICO scores?

The FICO score displayed on this website is calculated as a Bankcard Industry Option FICO Score and is determined as of a certain date (usually for the preceding month) as indicated with the score. If you purchase a credit report product from a credit bureau with a FICO credit score, that score will most likely be different because it may be based on a different calculation (such as the Classic FICO Score) and includes your current credit information.

It is also important to note that your score may be different at each of the three main credit reporting agencies. The FICO score from each credit reporting agency considers only the data in your credit report at that agency. If your current scores from the three credit reporting agencies are different, it's probably because the information those agencies have on you differs. If you have a question about your FICO credit score or the items in your credit report, please contact TransUnion at www.transunioncs.com.

Why isn't my FICO score available online?

FICO credit scores are subject to availability from the credit bureaus. There are certain account standings where we do not receive your FICO score from the credit bureaus and as a result we will not have a credit score to display for you. If your account falls into any of the following categories then your score will not be available online:
> Accounts with Credit Protection activated.
> Accounts currently in bankruptcy.
> Closed or cancelled with a $0.00 balance.
> Charged off accounts.
> Accounts currently in dispute with us.
> Score received from credit bureau was more than 90 days old.
>Your account with us is the only trade line represented on your credit report and it is less than 6 months old.
>You have an authorized user (second card holder) listed on your account with the same name.
> The name on your credit card account is different than the name on your credit bureau.
> The address we have on file for you is invalid, is a foreign address or is a U.S Territory. Addresses in some U.S. Territories can cause reporting issues with the credit bureaus.

What is credit scoring?

Credit scoring is a method used by lenders to help decide whether or not you are a good candidate for a loan. The scoring system:

Compares information in your credit report to the performance of consumers who have similar credit characteristics
Examines many credit characteristics, including your payment history, the number and kind of accounts you have, the number and frequency of late payments, and any collections or bankruptcies

Generally speaking, positive credit characteristics make your score higher and help you to qualify for better loans. Negative characteristics make your score lower and may interfere with your ability to qualify for the best loan terms.

How is a credit-scoring model developed?

A credit-scoring model is developed by using several criteria, including:

Selecting a large sampling of customers
Analyzing the data in their credit reports to determine which factors relate to creditworthiness
Assigning a degree of importance to each of the factors, based on how accurate a predictor it is in determining who will repay their loan on time

What is a "good" credit score?

There are several types of credit scores available. Typically, the higher the score, the better. Each lender decides what credit score range it considers to be a good credit risk or a poor credit risk. For this reason, the lender is the best source to explain what your credit score means in relation to the final credit decision. After all, they determine the criteria used to extend credit. The credit score is only one component of information evaluated by lenders.

What factors influence my credit score?

Various factors determine your credit score, including the following:

Payment history
Outstanding debt
Length of credit history
Severity and frequency of derogatory credit information such as bankruptcies, charge-offs, and collections
The amount of credit used compared to the credit available

How does my credit score affect me?

Your credit score is an important indicator of your financial health. Lenders use credit scores to determine:

Whether or not you are a good candidate for a loan
What type of interest rate you will pay

While your credit score is a key determinant of your creditworthiness, lenders also examine the information on your credit report and your loan application. Regularly checking your credit report enables you to:

Be informed of the most up-to-date information in your credit history
Correct any inaccuracies, to make sure that your credit data is a true depiction of your credit record and increasing your chances of receiving credit under the best possible terms.

Why does my FICO score change from time to time?

The credit bureaus calculate your FICO score based on the information contained in your credit file. As your credit history changes, your FICO score will also change. In addition, we sometimes obtain information from different credit bureaus at different times (for example, we may obtain your score from one bureau when your account is opened and from a different bureau to review your account later on). The information in your files at the various credit bureaus may vary because some creditors report information only to certain credit bureaus and not to others.

What do the terms in my credit report snapshot mean?

Your credit report snapshot is an overview of some of the items in your credit report, including:

Number of Accounts — A range of the total number of accounts (or "trades") being reported as part of your credit report. This range includes accounts in collections but excludes lost/stolen and transferred accounts.
Open Accounts — The range of accounts as part of the total number of accounts being reported on your credit report as open within the past six months. This range excludes closed, transferred and lost/stolen accounts, as well as accounts in bankruptcy or other legal designations.
Closed Accounts — A calculation of the number of open accounts subtracted from the total number of accounts.
Inquiries — A range of the number of times your credit report is accessed within 24 months for use in evaluating your credit risk. This range excludes auto loan inquiries, in-house or account maintenance inquiries, and promotional inquiries such as solicitations.
Derogatory Items — A range of the items viewed as derogatory for credit evaluation including accounts in poor standing 120 days or worse. Accounts in collections must have a balance greater than $100 to be included as a derogatory item. This range excludes accounts in bankruptcy.
Number of Delinquencies — The number of accounts, or trades, that are currently being reported as delinquent. This range includes trade lines reported within the past six months and serious derogatory items. This range excludes accounts in dispute.
Total Revolving Balances — This is the dollar amount of your total revolving balances. This includes open and closed accounts, as well as unsecured loans. A trade line must have been reported on within the past six months to be included in this figure. Total revolving balances excludes lost/stolen, disputed and transferred accounts, mortgages, auto loans and education loans.

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FICO Credit Score (english)

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