# Your FICO score of 801 summarizes the information on your Equifax credit report.
# FICO scores range between 300 and 900.
# Higher scores are considered better scores. That is, the higher your score, the more favorably lenders look upon you as a credit risk.
# Your score is well above the average score of Canadian consumers and clearly demonstrates to lenders that you are an exceptional borrower.
The Bottom Line: What a FICO score of 801 means to you
Lenders consider many factors in addition to your credit score when making credit decisions. Looking solely at your FICO score, however, most lenders would consider this score as excellent.
This Means:
* It is extremely unlikely your application for credit cards or for a mortgage or auto loan would be turned down, based on your score alone.
* You should be able to obtain relatively high credit limits on your credit card.
* Most lenders will consider offering you their most attractive and most competitive rates.
* Many lenders will also offer you special incentives and rewards targeted to their "best" customers.
It is important to understand that different lenders set their own policies and tolerance for risk when making credit decisions, so there is no single "cutoff score" used by all lenders.
The FICO score is calculated based on the information contained in your Equifax credit history. While knowing your actual score is a good start, understanding the key factors affecting your FICO score is much more important. These factors will provide you direction on how you can increase or maintain your FICO score over time.
The negative factors listed below are reasons why your FICO score is not higher. Your focus on these factors will help you to raise your FICO score over time. These negative factors are provided in order of impact to your score, the first factor listed indicates where you stand to gain the most points over time and so on.
The length of time your revolving or non-revolving accounts have been established is too short
This reason is based on the age of the revolving or non-revolving charge accounts on your credit bureau report (the age of your oldest revolving or non-revolving charge account, the average age of your revolving or non-revolving charge accounts, or both). A revolving account such as Visa, MasterCard, or retail store card allows consumers to make a minimum monthly payment and roll or "revolve" the remainder of their balance to the next month. Non-revolving accounts such as American Express and Diners Club must be paid off in full each month. Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who do not.
It is a good idea to only apply for credit when you really need it. Meanwhile, maintain low-to-moderate balances and be sure to make your payments on time. Your score should improve as your revolving credit history ages.
The amount owed on your non-mortgage related accounts is too high
The score measures how much you owe on the non-mortgage related accounts (revolving, non-revolving, and installment) that are listed on your credit bureau report. Research reveals that consumers owing larger amounts on their credit accounts have greater future repayment risk than those who owe less. (For credit cards, the total outstanding balance on your last statement is generally the amount that will show in your credit bureau report. Note that even if you pay off your credit cards in full each and every month, your credit bureau report may show the last billing statement balance on those accounts.)
Paying off your debts and maintaining low balances will help to improve your credit score. Consolidating or moving your debt around from one account to another will usually not, however, raise your score, since the same amount is still owed.
The length of time your accounts have been established is relatively short
This reason is based on the age of the accounts on your credit bureau report (the age of the oldest account, the average age of accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who don't.
It is a good idea to only apply for credit when you really need it. Meanwhile, maintain low-to-moderate balances and be sure to make your payments on time. Your score should improve as your credit history ages.
Proportion of loan balances to original loan amounts is too high
Simply having installment loans and owing money on them does not mean you are a high-risk borrower. To the contrary, paying down installment loans is a good sign that you are able and willing to manage and repay debt, and evidence of successful repayment weighs favorably on your credit rating. The FICO score examines many aspects of your current installment loan and revolving balances. One measurement is to compare outstanding installment balances against the original loan amounts. Generally, the closer the loans are to being fully paid off, the better the score. Compared to other measurements of indebtedness, however, this has limited influence on the FICO score.
Paying down installment loans on a timely basis generally reflects well on your credit score. But if you want to improve your score, one way to do it is to try to pay the loans, (especially non-mortgage installment loans) down as quickly as you can.
Credit Information
This section contains information on each account that you've opened in the past. It is retained in our database for not more than 6 years from the date of last activity.
An installment loan is a fixed-payment loan in which the monthly payment does not change from month to month. Examples of such loans are a mortgage, car loan or a student loan. A revolving loan is a loan in which the balance or amount owed changes from month to month, such as a credit card.
Note: The account numbers have been partially masked for your security.
GMAC
Phone Number: Not Available High Credit/Credit Limit: $15,320.00
Account Number: XXX...xxx Payment Amount: $421.00
Association to Account: Individual account BalanceAmount: $3,579.00
Type of Account: Installment Past Due: $0.00
Date Opened: 2004-06 Date of Last Activity: 2006-08
Months Reviewed: 24 Date Reported: 2006-08
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Lease account
Monthly payments
xxxxx MC
Phone Number: xx High Credit/Credit Limit: $8,000.00
Account Number: XXX...xxx Payment Amount: $10.00
Association to Account: Individual account BalanceAmount: $252.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2005-03 Date of Last Activity: 2006-08
Months Reviewed: 18 Date Reported: 2006-08
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Amount in h/c column is credit limit
Monthly payments
xxxxxx VISA
Phone Number: Not Available High Credit/Credit Limit: $10,000.00
Account Number: XXX...xxx Payment Amount: $3.00
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Revolving Past Due: Not Available
Date Opened: 2004-04 Date of Last Activity: 2006-08
Months Reviewed: 26 Date Reported: 2006-08
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Amount in h/c column is credit limit
Monthly payments
xxxx BANK
Phone Number: xx High Credit/Credit Limit: $9,000.00
Account Number: XXX...xxx Payment Amount: Not Available
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2000-01 Date of Last Activity: 2005-04
Months Reviewed: 12 Date Reported: 2006-07
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Amount in h/c column is credit limit
Monthly payments
xxxxx BANK
Phone Number: (xx High Credit/Credit Limit: $24,900.00
Account Number: XXX...xxx Payment Amount: Not Available
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2001-04 Date of Last Activity: 2005-01
Months Reviewed: 47 Date Reported: 2005-03
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Account paid
Closed at consumer request
xxxxx VISA
Phone Number: Not Available High Credit/Credit Limit: $14,000.00
Account Number: XXX...xxx Payment Amount: Not Available
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2001-03 Date of Last Activity: 2003-07
Months Reviewed: 39 Date Reported: 2004-07
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Account paid
Closed at consumer request
xxxx VISA
Phone Number: xx High Credit/Credit Limit: $10,200.00
Account Number: XXX...xxx Payment Amount: Not Available
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 1999-03 Date of Last Activity: 2001-05
Months Reviewed: 51 Date Reported: 2004-07
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Closed at consumer request
Account paid
xxx DEALER PLAN
Phone Number: xxx High Credit/Credit Limit: $29,731.00
Account Number: XXX...xx Payment Amount: $8,690.00
Association to Account: Individual account BalanceAmount: $0.00
Type of Account: Installment Past Due: $0.00
Date Opened: 1998-08 Date of Last Activity: 2003-03
Months Reviewed: 54 Date Reported: 2003-03
Status: Paid as agreed and up to date
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Auto loan
Monthly payments
Back to top
Credit History and Banking Information
A credit transaction will automatically purge from the system six (6) years from the date of last activity. All banking information (checking or saving account) will automatically purge from the system six (6) years from the date of registration.