Reliable Financial Solutions Co.

What exactly is "credit"?

Your credit is comprised of two main parts:

Your Credit Score

A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus.

Your Credit Report

A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.

What is a Fico Score?

FICO, originally Fair, Isaac and Company, is a data analytics company based in San Jose, California focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States.

What's considered a good credit score or a poor credit score?

A good score is anything over 670. That means anything below 670 is not good. Let me repeat that: having a 'fair' score is not good. Sure, fair is better than poor, but there's a huge difference between a good score and a fair score. We're talking 'get-the-home-of-your-dreams' or 'save-thousands-in-interest-rates' kind of difference. Even a few points could make or break your loan.