Your Credit Score and How to Get It

Your credit score is a three-digit number that lenders, employers and creditors in general check to determine your responsibility and reliability. The most important score is the FICO credit score devised by Fair Isaac.

Also known your credit rating, it is a number between 300 and 850 that summarizes your risk of default and/or how well you manage debt. The higher the number on your score, the lower your presumed risk of default

Why is the FICO Credit Score So Important?

The FICO score is the most important credit scoring model simply because it is the score that most creditors use. A high score will get you the best rates and most flexible conditions for loans and credit purchases.

With a great score, you can walk away with virtually anything on just your signature (just remember you have to pay later).

How to Get Your FICO Score

As you can see from the above, you don't want just any credit score. You want the true FICO score. And unlike your credit report which you can get for free once per year, your credit score is not free. You have to pay to get it.

The only way to get your FICO credit score is by requesting your credit report at the same time. And, only two companies supply the true FICO score to consumers:

MyFico.com: This is Fair Isaac's website for consumers who want to get their credit report and score.

Equifax: This is the only credit bureau that gives you the true FICO score. The other bureaus supply this score to lenders only, but offer you their own score models.

Note: Besides just one of the three major bureaus offering you the true FICO score, your score will differ from bureau to bureau. This is because creditors often choose which bureau to report to and rarely will they report to all three. Do not be alarmed if you request all three reports or a three-in-one report and get different scores.