Getting credit score before applying for loan

Interested in getting a loan?Did you know that you can learn your FICO score before you apply for a bank loan?

FICO is the number bankers use to determine whether they want to lend you money … like the SAT scores that help determine your eligibility to get into law school. (The FICO score card was created by a credit analysis firm, Fair, Isacc & Co., hence the name.)

Go to to learn your personal number, at a cost of $12.95. The national median score for this is 720 (range is from 300 to 850).

It’s been suggested that there are some ways to help improve your score. Here are some of the recommendations:

  • Don’t pay late (this seems so obvious, doesn’t it?)
  • Don’t use more than 50% of your credit limit on any one card, even if you pay monthly
  • Think twice about closing an account, even if you don’t use it; losing a line of credit increases your overall credit usage ratio
  • The older your average account, the better will be your score
  • Use your account at least once a year; dormant accounts don’t count much
  • Don’t apply for smaller credit cards or loans when you apply for a large loan within the same year
  • Three to five cards should be the most you have to reach the highest score
  • A diverse debt portfolio is favored over only credit cards

Just some suggestions. A good score, by itself, doesn’t guarantee the granting of a loan or additional line of credit. The best assurance of getting a loan is to have a good relationship with your local banker who then will lead the “fight” for you inside the bank.


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