Things you should know about Fico Score
Posted by john on Oct 11, 2008
Fico score is absolutely important in measuring a good credit score. It is a determining factor which tells you whether you come under the category of good credit or bad credit. If you have a low score, then the lenders can be skeptical while providing the credit as it actually tells the lenders that the individuals can have a default in case of their debt. The computing rate for the Fico score is determined on 5 different factors. The first and primary factor is your credit history. This actually contributes 35% of the total determining scale. If you have made your payments on time will definitely provide a high credit card score. However late payments, bouncing checks and even bankruptcies will create a black spot on your records. The Fico score will look into other details like the amount of money you have as debt with all the creditors. This outstanding amount will also determine your scores. If the amount is higher, then you will have a bad score. If you want to know more about Fico score you can simply log on to http://www.howtoestablishgoodcredit.com.