America First's mission is to help you develop & maintain financial well-being. Knowing and understanding your FICO® Score is an important part of achieving your personal goals.
It's a three-digit snapshot of your credit file at one of the three major consumer reporting agencies—Equifax, Experian and TransUnion—that is compiled at a particular time. It provides financial companies with information to make lending decisions. It also influences your interest rate & other loan terms.
No. We provide your FICO® Score as a free benefit that does not affect your credit in any way.
Your score allows lenders to gauge your credit risk quickly, consistently, and objectively. Basically, it assists them in assessing how likely you are to meet your financial obligations, considering what you've actually borrowed and paid back.
Approximately 35% is based on this data, which includes:
About 30% evaluates how much debt you have:
15% is about this topic. A more extensive credit history generally increases your score.
10% is calculated by this information. Research shows that opening several credit accounts in a short time period represents greater risk.
FICO® Scores are about 10% related to your mix of credit cards, retail accounts, installment loans, finance company accounts & mortgages. It's not necessary to have one of each.
The score provided by America First is the Fico®Score 2 based on Experian data.
It varies by the institution. For example, an auto lender may offer lower interest rates to people with FICO® Scores above 680, another may use 720, and so on.
The score provided by America First is the FICO®Score 2 based on Experian data, which has a range between 300 and 850.
To calculate a score, your credit file must contain:
Your FICO® Score is calculated separately by each of the three CRAs using a formula FICO® has developed. It's normal for your score at the three agencies to be slightly different.
When a lender receives your FICO® Score, key factors are also delivered. Take a close look at them to help you understand your finances. Addressing some or all of these topics can help you manage your financial health over time.
When you apply for credit, you authorize those lenders to obtain a copy of your report from an agency, creating an inquiry. The only inquiries relevant to your score are credit checks when you've applied for new loans.
FICO® Scores take into account only voluntary (hard) inquiries that result from your application for credit. Typically, inquiries carry less importance than late payments, amounts owed & your history.
No. Lenders will look at your score, the amount of debt you can reasonably handle given your income, your employment history, your credit history & other variables.
It depends on the type of negative information, but here's a breakdown:
FICO® Scores are intended for and delivered only to the primary account holders and only if a FICO® Score is available. Disclosure of this score is not available for all products and America First Credit Union may change or discontinue this benefit at our discretion.
FICO and The Score Lenders Use are trademarks or registered trademarks of Fair Isaac Corporation in the United States and other countries.
America First Credit Union and Fair Isaac are not credit-repair organizations as defined under federal and state law, including the Credit Repair Organizations Act. America First Credit Union and Fair Isaac do not provide credit repair services or advice, or assistance regarding rebuilding or improving your credit record, credit history or credit rating.