Your Experian fico score or credit score as it is generally referred to is an extremely important statistic that determines whether or not you are able to receive credit and what the terms of that credit will be such as whether you get a low interest rate or not, your creditworthiness as it were.Underestimating the impact of your Experian fico score found in your experian credit report can dramatically effect your ability to purchase the things you need and can be very detrimental to your way of life.

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As stated above the Experian FICO score is based on your financial history as documented in your credit report. Creditors look to this score to evaluate your ability to pay a loan back in a timely manner without the likeliehood of missed payments.The lower your Experian fico score the more lenders will consider you to be a risk and will either refuse to lend you money at all or increase their interest on any loan they may give you.So as you can see having a poor experian fico score can cost you a lot of money.

Your credit score range is as follows:

720-850 - The best score Excellent

700-719 – Very good and able to get good interest rates

675-699- Average but still able to borrow fairly easily and get good rates

620-674 – Below Average & could be subject to unfavorable credit terms

560-619 – Poor and may not be able to get a loan at all

500-559 – Very Poor and credit repair is in desperate need

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Your credit score is determined by five different parameters each with their importance being denoted in precentages.
These categories and their importance to your experian fico score are:

Payment History – 35%  

Your payment history is information pertaining to any mortgages you have had, your credit card history, retail/store accounts, any installment loans and finance company accounts. It will show any overdue accounts and the amount you owed on them.Bankruptcy information and any other detrimental information with regards to your credit history will be listed. Your payment history is a key  calculation in determining your experian fico score.

Amount you owe – 30%

The amount you owe means any outstanding balances on any accounts you have and is just a little less of a factor than the above parameter.It is almost as important warranting a 30% influence on your experian fico score.   

Length of Credit History – 15%

This denotess when you opened accounts and examines the last transactions on those accounts.

New Credit – 10%

Any recently opened accounts will be on the experian credit report, what types of account and inquiries have been made with regards to those accounts.

Types of Credit Used – 10%

What types of financing you have held will be shown and the credit used.

Some personal information is included in your credit report but has no influence  on your Experian Fico score.
This will include your address, age, race, gender and employment details.These personal details aren't used as a means to determine your fico credit however it is freely available to companies and creditors who may draw from it to assist them in their decision whether or not to do business with you.

The Experian Fico Score is not the Only Credit Score it is one of three major credit reporting agencies the other two being Equifax and TransUnion. For more about your Transunion Free Credit Report.

Each of these bureaus maintains a credit report and does so independently from each other. This often results in the information differing slightly among the three agencies. For an accurate overall picture of a persons credit worthiness & financial history your fico score from each bureau will be often be added together and divided by three to get an overall average fico credit score.

This is why to properly keep tabs on your own credit history you must obtain your credit report from each of the three agencies and check them for errors on a fairly regular basis.So don't just be satisfied with getting your Experian Fico Score...
You are entitled by law to ask for a free credit report from each of these credit reporting bureaus once per year.

Contact information for the three credit reporting bureaus is as follows:

Experian phone number:(888) 397 3742 Experian website www.experian.com

Equifax phone number: (800) 685 1111, Equifax website www.equifax.com

TransUnion phone number:(800) 888 4213, Transunion website www.transunion.com

Now you know what an impact your Experian fico Score, equifax fico score and Transunion fico score have on your life.Combined they are extremely important in the eyes of creditors, employers and landlords.If you ever wish to get a mortgage,buy a car furnish your home etc it keep an eye on your experian credit report et al.

I hope this report on the experian fico score has been informative and helps you along in your quest for a perfect credit score.