FICO has announced the release of an iPhone app that makes it easier for individuals to check their credit scores. The MyFICO App asks several questions to estimate the user’s credit score. Those who are willing to pay for more specific information can also use the app to tap into FICO’s fee-based scoring services.
Knowing Your Credit Score
It seems that there is an app for just about everything these days. The MyFICO App, however, provides a much more pertinent service than, for instance, Mi Mundo’s Hold the Button game or the Drunk Dialer app that tests your sobriety before it allows you to make a phone call. MyFICO gives consumers easy access to one of the most important numbers in their financial lives. Knowing your credit rating can help you determine whether you qualify for low-interest loans or if your only options are those with high interest rates. It has become such an important number that every consumer needs to know their credit score and what it means about them.
Additional Credit Score Information
MyFICO does not give you an exact credit rating, but it lets you know what category you fall into. FICO credit scores fall between 300 and 850. Most people have a rating between 600 and 850. Anything under 600 can make it difficult for consumers to obtain mortgages, loans, and low-interest cards. If you want additional information about your credit history, then you will have to pay for enhanced services through FICO’s web site, which is accessible through the app. Knowing your credit category can bring you peace of mind, but you really need more details before you walk into a bank looking for a loan. This will help you spot any errors on your report to make sure you get a loan that matches your history.
