Chances are you’ve heard about your credit report before and your credit score. And you may have even looked at a copy of both. But have you looked at your FICO score? Your FICO credit report is slightly different from the credit report you’ve likely looked at previously. Still, getting a good look at your score is essential to know what you’re getting into.
What does your FICO credit report show? It shows what kind of credit risk you are and whether a financial professional wants to give you a loan, credit, or anything else. For example, when you apply for a car loan or a mortgage, the creditors will look closely at your FICO score. They’ll use that to decide if they want to give you the money and your terms.
Of course, looking at your credit report yourself is a good idea before applying for anything. After all, you don’t want to find yourself applying for something you want, only to get rejected because of a poor credit score. So, make sure you’re taking a look for yourself.
Once you know your credit report and score, you can decide if it’s an excellent time to apply for the type of credit you want or whether you’ll need some time to build your credit. If you have poor credit, it’s a good idea to build it back up before applying for anything more.
FICO Credit Report for Those With Good Credit
For those who already have good credit, you may be able to apply for whatever you’re looking for right away. Or you may want to get a second opinion. When it comes to larger purchases, you can do this in the form of getting ‘pre-approved’ for the loan. In addition, banks and other financial institutions will do a ‘soft credit check’ that doesn’t hurt your credit score and gives them a rough idea of what your report is going to say.
These checks give you an idea of whether you’ll be approved and how much you might be approved for. It may also give you more information about your terms before you entirely apply, and they pull your FICO credit report.
If you’re looking to get any credit, it’s essential that you do what you can to understand it before you apply. Knowing more about your FICO credit report will be a good start, and Experian can help you get it. All you need to do is check it out for yourself now.