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Answers to your questions about FICO® scores
How to check your credit report
Information provided by Fair, Isaac and Company, Inc.
Many lenders use FICO scores as one method to estimate the risk associated with an individual's application for credit. Simply put, the higher the score, the lower the risk. People with high FICO scores are proven to repay loans and credit cards more consistently than people with low FICO scores. And although the scores are remarkably accurate, no one can predict with certainty whether or not you will repay a credit account.
Frequently, there is more to consider in a credit decision than just a person's credit history. Because the FICO score is based solely on the information in your credit report, many lenders bring other factors into their decisions as well, such as your income or employment history. So the FICO score itself, while important, is by no means the only factor on which your credit application is evaluated. It is also important to understand that every lender sets their own policies and tolerance for risk when making decisions. Though many lenders incorporate FICO scores into their decisions, there is certainly no single "cutoff score" used by all lenders. In fact, since they often consider additional information or special circumstances, some lenders may extend you credit even if your score is low, or decline your request although your score is high. Nonetheless, the FICO score is the most widely used and recognized credit rating, so it's important that you know and understand your own score.
To find out what your credit score is - click here.