FICO - But first just what is a credit score To calculate a...

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FICO ® scores are the credit scores most lenders use to determine your credit risk. You have three FICO ® scores, one for each of the three credit bureaus – Experian, TransUnion and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your FICO ® scores tend to change as well. FICO® score APR [?] Monthly payment 760-850 5.584% $1,719 700-759 5.804% $1,761 680-699 5.979% $1,795 660-679 6.191% $1,836 640-659 6.617% $1,919 620-639 7.158% $2,028 Lenders have used these scores for years to determine whether to grant you a loan and at what interest  rate Recipe for a credit score
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Unformatted text preview: But first, just what is a credit score? To calculate a score, Fair Isaac uses 22 pieces of data collected from the three major credit bureaus, Equifax , Experian and TransUnion ). The lowest possible score is 300, while the highest is 850. The final number is a composite of individual ratings in five categories: • Payment history (35% of the rating) • Length of credit history (15%) • New credit (10%) • Types of credit used (10%) • Debt (30%)
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