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Online Banking Business Advantage 360

Do you want to unenroll?

If you unenroll, you won't see your FICO® Score in Online Banking anymore.

Keep in mind:

  • Receiving your FICO® Score doesn't negatively impact it
  • If you unenroll, you'll lose your score history info in Online Banking

Do you want to unenroll?

You can re-enroll anytime on the Learn About Credit Scores page under Tools & Investing. Your score history will reset based on your new enrollment date.

FICO® Score. The score lenders use. 

Top 5 questions about your FICO® Score

Why is this score different from other scores that I have received?
The FICO® Score Online Banking provides is a FICO® Score 8 based on TransUnion Data. The score is from your TransUnion credit report and calculated on the "as of" date included with your score.
Your FICO® Score may differ from scores provided elsewhere, if the other score:
  • Was a different FICO® Score version
  • Used a different rating scale
  • Was not a FICO® Score
  • Used data from another bureau, like Experian or Equifax
  • Used credit data for a different date
Why did my FICO® Score change?
There are many reasons why your score may change. Each time FICO® Scores are calculated, they take into consideration the information that is in your credit file from a particular credit bureau at that time. Creditors report information to credit bureaus at varying frequencies, so as information in your credit file at a bureau changes, your FICO® Scores calculated based on information from that credit bureau can also change. Keep in mind that minor fluctuations are normal and that certain events such as late payments or bankruptcy can lower your FICO® Scores quickly.
To better understand the factors impacting your specific score, review the "Key factors affecting your FICO® Score" displayed under your score. These factors have the greatest influence on your score. Comparing key score factors from the two different time periods can help identify causes for changes in FICO® Scores.
For an in-depth look at your credit data, visit layer. For more information on your credit report, or for help updating your credit report data, call TransUnion at xxx.
When will I see an updated FICO® Score in Online Banking?
Typically, you will get an update to your FICO® Score in Online Banking automatically every month. Your credit data is updated daily with the credit bureaus. These updates may impact your credit rating, but you will only see an updated score in Online Banking when it is received by Bank of America every month from TransUnion.
I have no FICO® Score or credit rating displayed. Why?
Your FICO® Score may be unavailable for numerous reasons. For example:
  • Your credit card account with Bank of America has been open for less than a month
  • You're new to credit and don't have any accounts more than 6 months old
  • Your FICO® Score may not be available the first month you enroll in the FICO® program
Please check back next month. You will also receive an email alert when an updated score is available to view, unless you opted out of the alert feature. To find out more about your credit information, you can request a copy of your free annual credit report from layer.
Will receiving my FICO® Score from Online Banking impact my credit score?
No. Viewing your FICO® Score from Online Banking will not impact your score.

How your FICO® Score works

What score model was used to calculate my score?
Your score in Online Banking is a FICO® Score 8 based on TransUnion Data to manage your account and that is what Bank of America shares with you. FICO® Scores consider five main categories of information from your credit report.
Pie Chart of five main categories FICO Scores consider. 35% payment history, 30% amount you owe, 15% length of credit histry, 10% new credit opened, and 10% types of credit you have
What are FICO® Scores?
A FICO® Score is a three-digit number that summarizes your credit risk based on your credit file at one of the three major consumer bureaus at a particular point in time. FICO® Scores are used in 90% of lending decisions. FICO® Scores help lenders evaluate credit risk and can influence the credit that's available and the terms, such as interest rate, that lenders offer.
Where did Online Banking get my FICO® Score and why is it being provided to me?
Bank of America works with FICO and TransUnion, one of the major credit bureaus, to be able to provide you with your FICO® Score for free.
Knowing your FICO® Score can help you better understand how lenders view your credit risk and allow you to understand the health of your credit. Learn more about how to keep your credit healthy.
You enrolled to receive your FICO® Score within Online Banking at no cost to you. If you no longer want to receive your score, you can unenroll at any time.
Does a FICO® Score alone determine whether I get credit?
No. Most lenders use a number of factors to make credit decisions, including a FICO® Score. Lenders may look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their review of this information, as well as their specific underwriting policies, lenders may extend credit to you even with a low FICO® Score, or decline your request for credit even with a high FICO® Score.

How scores change over time

Does my FICO® Score change every month?
Each time Bank of America provides your FICO® Score, it's based on the information in your TransUnion credit report at that point in time. As the information in your credit report changes, your FICO® Score may also change and Bank of America provides it monthly so you can view it over time in the FICO® Score History Chart.
What are "Key Factors affecting your FICO® Score"?
Key factors are the top variables that affect your FICO® Score. The order in which the score factors are listed is important. The first factor indicates the area that most influenced the score and the second factor had the next most significant influence. Addressing some or all of these score factors can help you continue to responsibly manage your financial health over time.
What factors do FICO® Scores ignore?
The following information is not considered by the FICO scoring formula:
  • Your race, color, religion, national origin, sex, or marital status
  • Your age
  • Your salary, occupation, title, employer, date employed, or employment history
  • Where you live
  • Any interest rate being charged on a particular credit card or other account
  • Certain types of inquiries (such as promotional, account review, insurance, or employment-related inquiries)
  • Credit counseling
  • Any information not found in your credit report
  • Any information that is not proven to be predictive of future credit performance

Credit corrections and score changes

How do I improve the health of my credit?
Your FICO® Score considers both positive and negative information in your credit report. Good credit habits like always paying bills on time, keeping balances low, and only opening new credit cards when you need them can all have a positive effect on your financial health. Learn more about credit scores and financial health.
How long will negative information remain on my credit files?
It is determined by each credit bureau and depends on the type of negative information. Here's the basic breakdown of how long different types of negative information will typically remain on your credit files:
  • Late payments: 7 years
  • Bankruptcies: 7 years for a completed Chapter 13, and 10 years for Chapters 7 and 11
  • Foreclosures: 7 years
  • Collections: Generally, about 7 years, depending on the age of the debt being collected
  • Public Record: Generally 7 years, although unpaid tax liens can remain indefinitely
Keep in Mind: For all of these negative items, the older they are the less impact they will have on your FICO® Scores. For example, a collection that is 5 years old will have less impact than a collection that is 5 months old.
My FICO® Score or the information under "Key factors affecting your FICO® Score" doesn't seem to represent me accurately. Why?
Your factors are provided by FICO and directly reflect the data on your TransUnion credit report. To ensure your creditors are reporting your credit history accurately to each of the three major credit bureaus, check your credit reports for free once a year at layer, or call TransUnion at xxx.
After reviewing your report, if you find inaccurate information that may have affected your score, you can dispute your TransUnion credit report at layer or call TransUnion at xxx.
Learn more about credit scores and financial health.
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Have questions about your TransUnion® Credit Report? Call
Better Money Habits®
Credit scores affect many areas of your financial life. Better Money Habits breaks down the tough questions to help you feel more confident about your financial decisions.
This is general information about credit scores (not specifically about FICO® Scores) and is intended only for educational, personal and non-commercial use.