The FICO uses a basis of 300-850

Are you planning on applying for a loan? Before you even get started with your application, make sure that your credit score is in good shape. This is what lenders use to predict your future behavior as a borrower. This is a key determinant as to whether you get your coveted loan or not.First and foremost, you must get a copy of your credit report and its corresponding credit score. You can do this by going straight to the bureau that is responsible for the computation of your credit score. This may be among the three major bureaus; namely the Equifax, the Experian and the Trans Union.

They provide a copy once in a year. If in case you get a loan application denied, the bureau will provide a new credit report after 60 days. Copies from these bureaus do not come in free though, so you may want to look elsewhere.One place you can turn to is the ever dependable Worldwide Web. Several websites are waiting in line to give you a copy of not only your free credit score but your free credit report as well. These sites will even give you a free credit rating. The downside is that this rating is unofficial. Moreover, their basis is not the same as that of the primary credit rating company, the Fair Isaac Company (FICO), making a comparison impossible (and you won't be able to use them to obtain a loan). To discuss in detail, the FICO uses a basis of 300-850 while your online source uses a measure of 0-100.All the same, your free credit score should still come in very handy.

Though they're not useful during the actual process of your loan application as they are unofficial and inadmissible, they are very useful for your preparation, for though they're unofficial, they still give you a rough picture of how your current credit report is doing (or basically your chances of getting a loan approved). This way, you know where your problem areas are. And you'll know where to start working on your credit score improvement.Keep in mind that you can't take you chances with loan applications. For every time you get a loan rejected, you injure both your credit score and your credit report. So make sure you've got everything in place even before you get started with your application. Hop online and get your free credit score now.

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