Understanding Your Credit Report

Your credit score is a rating of your creditworthiness, or basically how risky it is to lend you money. When you apply for a loan or a credit card, your credit score is one of the things a lender will consider in deciding whether to approve you and what rate you qualify for. Because First Commerce is a local lender, you’re more than just a number to us – we also take into consideration other factors like your personal situation.

A credit score is a number that represents how likely you are to pay back a loan on time.

  • Scores represent your financial history and range from 300 to 850.
  • Having a higher score means better financial options for you.

A credit report is the document containing a summary of your credit history.

  • Includes personal identifying information, account information, recent credit inquiries, and any negative items.
  • There are three major credit reporting agencies in the U.S.: Equifax, Experian, and TransUnion.
  • You can get a free annual credit report from all three agencies at AnnualCreditReport.com.

Know more about your credit report:

Credit reports are the foundation of your FICO score, but what are they exactly? Watch this video to find out which information on your credit reports does and doesn't impact your scores. Plus, see how checking your credit reports for accuracy can help you protect against potential identity theft.

What is a FICO score:

Every day, thousands of U.S. lenders use FICO scores to make more well-informed credit-granting decisions. But what does that mean for you? And why is it important to understand how lenders use them?

This video takes a look at what a FICO score is and why it matters to consumers and lenders alike. Watch to learn how FICO scores streamline the lending process, making it faster and fairer for you.

What goes into a FICO score?

Whether you’re applying for a credit card, mortgage, or auto loan, there’s a good chance your lender is using FICO scores to help make their approval decision. The good news is, your FICO scores are ultimately in your hands—they’re based on your credit habits and behaviors.

That’s why understanding what goes into your FICO scores is a vital part of your credit health. Watch this video to learn the five key categories that factor into your scores.