Your FICO Score
FICO measures credit-worthiness. Underwriters use three credit bureaus, Equifax, Experian, and TransUnion, to determine your score. Property Management companies may use a single credit bureau to check credit scores. FICO scores may be affected in the following ways:
1. Delinquencies lower scores, and scores drop when several credit accounts are opened in a short period.
2. A long credit history is better than a new one, and too few revolving accounts makes it harder to evaluate the ability to manage credit.
3. Consumers with “maxed out” cards may have trouble making payments. Too many revolving accounts indicate over-extension.
4. Tax liens, bankruptcies, and use of consumer credit agencies can all lower a FICO score.
5. Small credit card balances and no late payments show responsibility.
If you are considering home purchase or looking for a rental it is a good idea to start checking your credit score several months prior to making the change. That allows time for credit repair if needed. Avoid buying a car just before home or rental shopping. Car dealerships may run more than one credit check which will drop your scores too.
If you want to know what your credit score is you have a few different options. Credit Karma is very popular but is just an estimate of your Credit score and is not a tri-merged report. It may be off by several points. Federal law entitles you to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. For more information on using this service https://www.ftc.gov/faq/consumer-protection/get-my-free-credit-report