How to Get a Fico Credit Score

Banks and other lenders depend on your FICO score to tell them whether you are a good credit risk. Your FICO score is based on your payment history, the amounts you currently owe, the length of your credit history, your new credit and the types of credit you use. A low FICO score can almost double the interest rate you'll pay on a car loan or mortgage. FICO scores range from 300 to 850, but any number much lower than 600 (and, in some cases, the 700s) could cast you as a poor credit risk.

Instructions

Difficulty: Easy

Things You’ll Need:

• Credit card

1. Access the MyFICO website (see Resources below). MyFICO is maintained by the Fair Isaac Corporation, the developers of the FICO scoring system.
2. Sign up for MyFICO's Score Watch. This product has a 30-day free trial, but requires you to enter a credit card number to access it. You will also be asked a number of verification questions about your credit history.
3. Cancel Score Watch before the 30-day grace period ends if you do not wish to pay the annual fee to continue accessing it.
4. Receive your credit report and go over it carefully. Make sure that all information is correct and note your FICO score. Remember, your score is subject to change each month.
5. Dispute any errors on your FICO credit report through MyFICO. Errors can be caused by using different names to apply for credit (like Jane Smith and Jane Smith-Jones), through clerical error or through identity theft.

Tips & Warnings

• You should get a copy of your FICO score every year and check it for any errors.
• Your inquiries do not affect your FICO score. However, if a number of inquiries are made as a result of your applying for credit, it can pull your score down.
• You can correct errors on your credit report by contacting the three credit reporting agencies (Experian, Equifax and TransUnion) directly.
• There are a number of things you can do to raise your FICO score, but none will take effect immediately. It can take up to a year to significantly raise your FICO score.
• Your FICO score can drop suddenly due to bankruptcy or delinquency on your bills.
• If you find numerous errors on your FICO report, you may be the victim of identity theft.