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FICO® Score
Why your FICO® Score is important
Your FICO® Score is a key component of your financial wellbeing. It helps determine your ability to get a loan and what rate it will have. The higher the credit score, the better financing options and rates you have.
The FICO® Score, which is in use today by the vast majority of lenders, fall within the 300-850 score range. This credit score range was introduced to establish an easy-to-understand, common frame of reference for lenders and consumers.
FICO® Score Categories
- A FICO score of 579 of less would give you the classification of risky borrower
- A score between 580-669 would only be approved by a select group of lenders
- A score of 670-739 would be considered average to good
- If you score between 740-799 you would be considered a very desirable borrower
- A score of 800+ would mean you are an exceptional borrower
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories as outlined below. The percentages in the credit score chart reflect how each category factors into the calculations.
Learn more about your FICO® Score by reviewing our Frequently Asked Questions below.
What makes up your FICO® score?
- 35% of your FICO® score is made up of your payment history
- 30% is based off amount you owe
- 15% is from the length of your credit history
- 10% comes from what your credit mix looks like
- 10% comes from the amount of new credit you have
How to check your FICO® Score for free:
- Log in to Mountain America’s mobile banking app or online banking.
- Select FICO® Score from the menu.
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Will receiving my FICO® Score impact my credit?
No, the FICO® Score we provide to you will not impact your credit. It also does not lower your score to view your credit score.
Why is my FICO® Score not available?
- Your account is new—the credit score feature is updated quarterly and may not have been available during our last update process.
- You are not the primary account holder on your joint account.
- You do not have a lending relationship or checking account with Mountain America.
- You are an authorized user, rather than the account holder.
- Your card is no longer active.
- Your credit score was temporarily unavailable at the time of our quarterly update process.
What is my FICO® Score?
FICO® Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at a particular consumer reporting agency at a particular point in time and help lenders evaluate your credit risk. FICO® Scores influence the credit that’s available to you and the terms, such as interest rate, that lenders offer you.
What are the lowest and highest possible FICO® Scores?
The FICO® Scores, which are in use today by the vast majority of lenders, fall within the 300-850 score range. This credit score range was introduced to establish an easy-to-understand, common frame of reference for lenders and consumers.
How are FICO® Scores calculated?
FICO® Scores are calculated from many different pieces of credit data in your credit report. This data is grouped into five categories, as outlined above. The percentages in the chart reflect how important each of the categories is in determining how FICO® Scores are calculated.
How often will I receive my FICO® Score?
Program participants will receive their FICO® Score for free based on Experian data updated on a quarterly basis, when available.
Where does the information used to calculate my FICO® Score come from?
FICO® Scores are based on the credit information in a credit file with a particular consumer reporting agency (CRA) at the time the score is calculated. The information in your credit files is supplied by lenders, collection agencies and court records. Not all lenders report to all three major CRAs. The FICO® Score we provide to you is based on data from your Experian report as of the "pulled on" date shown with your credit score.
What are the key score factors?
When a lender receives a FICO® Score, key credit score factors are also delivered, which explain the top factors from the information in the credit report that affected the score. The order in which FICO® Score factors are listed is important. The first indicates the area that most affected that particular FICO® Score, and the second is the next significant area. Knowing these score factors can help you better understand your financial health over time. However, if you already have a high FICO® Score (usually in the mid-700s or higher), score factors are informative but not as significant, since they represent very marginal areas where your score was affected.
Why is my FICO® Score different from other credit scores I've seen?
There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, and different lenders may use different versions of FICO® Scores. In addition, FICO® Scores are based on credit file data from a particular consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores. The score that is being made available to you through this program is the specific score that we use to manage your account. When reviewing a score, take note of the score date, consumer reporting agency credit file source, score type and range for that particular score.
Why do FICO® Scores change?
There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a particular consumer reporting agency (CRA) at that time. So, as the information in your credit file at that CRA changes, credit scores can also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in your FICO® Score. Keep in mind that certain events, such as late payments or bankruptcy, can lower FICO® Scores quickly.
How do I check my credit report?
Because your FICO® Score is based on the information in your credit report, it is important to make sure the credit report information is accurate. You may get a free copy of your credit report annually. To request a copy of your credit report, please visit: www.annualcreditreport.com. Please note that your free credit report will not include your FICO® Score.
Why are you providing FICO® Scores for free?
Additional FICO® Score Information
Using credit responsibly
Learn about increasing your score
Credit cards are not only for earning rewards. They can also be a useful tool to establish or repair your credit score. Here’s how:
- Your credit score is positively affected every time you pay your bill on time.
- Treat your credit card like a debit card, spend only what you know you’ll be able to pay in full when the payment is due.
- Keep your balance low (around 30% of your limit or less) to help boost your score.
Want to learn more about increasing your FICO® Score? Read these articles:
How to Find Errors in Your Credit Report
9 Secret Habits for a High Credit Score
The Right Age to Start Building Credit