How to Determine FICO

Next Video:
How to Earn Quick Money....5

A FICO score, or credit score, is determined by a person's income, the amount of time spent at a continuous job, how timely bills are paid, and how much credit is available. Be responsible with credit to maintain a good FICO score with advice from a registered financial consultant in this free video on credit scores.

Part of the Video Series: Money Management
Promoted By Zergnet


Video Transcript

This is Financial Advisor Patrick Munro talking about how to determine a FICO score. A FICO score is a credit score, really, by any other name. It's referred to as such on the credit bureaus. There are three different credit bureaus; Experian, Trans Union, and Equifax. These credit bureaus look at various factors that go into your FICO score. One of those factors is the amount of time you've had at a continuous job. They also look at the amount of assets that you have able to accumulate, and also the income that you have declared that you make on credit card applications, mortgage applications, car loans as well. They also look at how timely, this is very important, approximately thirty-five percent of your FICO score is determined on how timely you pay your bills. So, always pay your bills on time, or even ahead of time. Another major component of the FICO score is how much your cards, or credit cards are maxed out. In other words, you have to have a certain amount of credit available. It is important to maintain a strong responsibility when you come to your credit and this is how you maintain an excellent FICO score. This is Financial Advisor Patrick Munro.


Related Searches

Is DIY in your DNA? Become part of our maker community.
Submit Your Work!