Fair Isaac Score/Model

What Is The Fair Isaac Score/Model?

The fair isaac score is the name given to the FICO score which uses the credit bureau of experian for it’s source of data.

Fair Isaac Score Scale Range:

Credit Reporting Agency	FICO Score Name	Score Range
Experian	Fair Isaac Score/Model	330-850

 

How To Get A Free Fair Isaac Score:

If you’d like to get all three of your FICO scores from the different bureaus then we suggest following our handy guide.

What Is Considered A Good Fair Isaac Score?

Anything over a 700 is considered to be very good, while anything 620 or below is considered to be bad. It’s generally impossible to get any type of loan with a score of 620 or below. The table below gives you an idea of what is considered a good fair isaac score and what type of premiums you can expect to pay in terms of interest rates if you don’t have a good credit score.

FICO Score	Grade	Typical Mortgage Rates*
720-850	Excellent	A
700-719	Very Good	A + 0.13%
675-699	Good	A + 0.65%
620-674	Fair	A + 1.80%
560-619	Bad	A + 4.30%
500-619	Very Bad	A + 5%

A indicates the current variable interest rate. This table is meant as a guide only.

How To Increase Your Fair Isaac Score:

There are a number of things you can to do to increase your fair isaac score. The first and most important is to get a copy of your credit report from Experian. Once you have received this report go through it and make sure there are no inaccuracies – if you find an inaccuracy then request a dispute form from experian and dispute the inaccuracy.

The next most important thing to do is to lower any debts you have, this will lower your credit utilization ratio causing your credit score to increase. This is most important with debts that are revolving credit (such as credit cards or store cards) a general rule of thumb is to keep these at 0.3 (0r 30%) which means that if your maximum credit limit is $1000 you shouldn’t carry more than a balance of $300.