How to determine a good credit score

[abbycutlet]

Good Explanation Latoya!! Just follow those 5 steps and you will have a very good credit score as well as FICO score. Your rate of intrest would be very less when you have a good FICO score.

[professor]

The FICO numbers determine what makes a good credit score as a range that generally lies amid 300-800. Usually higher the number, better the score. E.g. a person whose score is 700 can easily answer what a good credit score is by considering the interest on loans they get. Usually they get excellent offers because of their rating.

[sahilmiddha]

yes definately, a good credit history will give you the good FICO score which will inturn result in getting very good credit or debit cards.

[sahilmiddha]

Quote:

Originally Posted by latoya

The term FICO comes from the company that designed the credit score - Fair, Isaac and Co. Your credit score is an indication of the risk you pose to credit granters. It tells how likely you are to pay your bills.

To have a good FICO score you should:
1. pay your bills on time
2. keep your balances low (within 25% of the limit)
3. keep your oldest credit card open
4. don't apply for too many loans or credit cards
5. have a mix of credit cards and loans

The ones in bold are the most critical to having a good credit score.

latoya is absolutely right , this is the real way of determining FICO. i 100% agree with latoya. great post man.