What is my credit score?
Your credit score is calculated by a credit bureau, and is often used by lenders to help decide whether to approve you for new credit cards, personal loans and home loans. For example, your Equifax Score — from Equifax, one of the three large credit reporting bureaus — is a number between 300 and 850. The higher your number is, the better your credit position is.
What is the difference between your credit score and your credit report?
Your credit report is a detailed record of your borrowing history, while your credit score is a numerical representation of your creditworthiness as a borrower. Your credit report contains listings of applications you’ve made for all forms of credit (whether they’ve been approved or not); your repayment history; details of any defaults you may have; and information about the consumer and commercial accounts you hold. It also contains personal information including your name and age as well as data held on public record, such as bankruptcies. Your credit score is calculated by credit bureaus using the information on your credit file. The higher your credit score, the lower your risk as a borrower.
What’s a good credit score?
Each credit-scoring model (FICO and VantageScore being the most widely used) has different criteria for measuring scores.
| Rating | FICO score range |
|---|---|
| Excellent | 800+ |
| Very Good | 740 – 799 |
| Good | 670 – 739 |
| Fair | 580 – 669 |
| Poor | 579 and below |
Scoring systems will vary depending on where you’re getting your score from. They all are similar in that the higher the credit score, the better your chances are at being approved for a loan, but the gamuts vary slightly. Here is a list of credit score ranges you may come across. You can see Experian is the odd one out with a tighter range than the others.
- FICO Score: 300 -850
- VantageScore 3.0: 300-850
- Score from Experian: 330-830
- Score from Equifax: 300-850
- Score from TransUnion: 300-850
What goes into calculating my credit score?
Your score is an assessment of many factors, computed down into one number. Not all of the factors are weighted evenly.
Get your score or start rebuilding
- If the provider quotes a different rate to the one above please let us know
- If the provider quotes a different rate to the one above please let us know
Questions you’ve asked us about credit scores
Does checking my credit score affect my credit?
Not if you go through a credit bureau or agency such as myFICO. Your credit file will be accessed by the bureau or authorized agency and your score will be delivered directly to you.
How do I order my credit report?
You can order a free copy of your credit file once every 12 months or if you have been denied credit in the past 90 days. Your free credit file is instantaneously downloaded if you access it online. You can also pay a fee to have your credit file arrive sooner or if you are not eligible for a free credit file.
What is a good credit score?
A good credit score is any score that falls in the top three credit ranges – good, very good or excellent.
What does it mean that I'm unlikely or likely to have an adverse event occur?
Your credit score calculates your level of risk as a borrower based on your past behavior. It’s not a guarantee that an adverse event won’t occur but simply an indication that Equifax considers it unlikely.
Related Posts
Ask an Expert
