Although credit scores are calculated differently by the various credit bureaus, you can get an estimate of what your score may be by using this calculator. The three main things that help you have a good credit score are first, having a long history of making all debt payments on time, second using the proper mix of credit, and third not maxing out on available credit. Use our credit score calculator to help you determine a possible range of credit scores.
Additional Information
Improving Your Credit Rating
Even if you have not fallen on hard times, you need to knowabout your credit rating and how to make sure it accuratelyreflects your credit history. Negative information in your creditreport can adversely affect your ability to get credit or get thebest loan interest rates. Information about your credit history iscollected by credit bureaus, who then sell this information tolenders and others who need it in connection with loans, getting ajob, or other financial applications you may make. You mustauthorize the credit bureaus to give out this information bysigning a waiver on an application you make. There are threeprimary credit bureaus in the United States who collect anddisseminate this information: Equifax, Experian, and TransUnion.You should obtain a copy of your credit report from each of thesebureaus at least once a year to verify that the information theyhave is correct.
You build your credit report every time you apply for anduse credit. Creditors send information about your credit historywith them to one or more of the credit bureaus. Most of theinformation is accurate and timely, but sometimes it is not. Whenyou miss loan payments, pay late, default on a loan, or have adebt dropped (called a charge-off), that information goes on yourcredit report.
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What Is Your FICO Score and Why Is ItImportant?
Just because you want to buy a home doesn't mean that alender is eager to loan you money. Lenders look at your pasthistory in handling your finances, which is where the FICO scorecomes in. By the end of this article, you will be able to identifya good FICO score and how it was determined.
The FICO score boils your credit history down to athree-digit number that instantly tells a lender whether you arecreditworthy. This score dictates what terms—ifany—you will be offered in a mortgage. Pioneered by theFair, Isaac Corporation, this score and similar ones used by othercredit reporting services rely on the following factors:
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How Lenders Rate Creditworthiness
Lenders must evaluate the risks of lending money to others.In commercial lending, creditors generally follow the sameprinciples to evaluate a borrower's creditworthiness.
A creditor usually looks at three factors known as the"three Cs": capacity, capital, and character.
- Capacity. The present and future abilityto meet your financial obligations. Some of the areas examinedwould be your work history and the amount of debt that youalready owe.
- Capital. Savings and other assets thatcould be used as collateral for loans. Even if you are notrequired to post collateral, many creditors express a preferencethat you have assets other than income that could be used torepay a loan.
- Character. This boils down totrustworthiness, promptness in paying your existing bills andother debts, and your credit history.
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IMPORTANT: Use of this tool is subject to the following terms and conditions: This tool generates an estimated range of credit scores based on the information you provide. This is an estimate only and only for personal use. Credit bureaus, banks and other financial institutions each calculate credit scores in a variety of ways and for their own purposes; therefore, there is no guarantee that your actual credit score(s) as calculated by these financial institutions will fall within the estimate or estimated range provided by this tool. Prior to making any financial or other decisions involving your credit score(s) or any such estimate, you should obtain your actual credit score(s) from appropriate credit bureaus, banks and/or financial institutions as well as consult with a financial services professional. CalcXML, LLC is not a credit bureau or credit repair service provider and does not receive fees for such services, nor is it a credit clinic, credit repair or credit services organization or business, as defined by federal and state law. YOU AGREE YOUR RECOURSE FOR ANY PROBLEM, CLAIM OR DISSATISFACTION IS SOLELY WITH CALCXML, LLC, BUT YOU ALSO AGREE THAT CALCXML, LLC CANNOT BE HELD LIABLE FOR ANY DISCREPANCIES BETWEEN ACTUAL CREDIT SCORES AND ANY ESTIMATED CREDIT SCORE RANGE (OR OTHER ESTIMATE OR INFORMATION) PROVIDED BY THIS TOOL, AND THAT THIS TOOL AND THE RESULTS OF ANY USE OF THE TOOL ARE PROVIDED ON AN "AS IS" BASIS ONLY. By clicking the Submit button above, you acknowledge that you have read and agree to the terms and conditions set forth in this paragraph and disclaimer.
