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Your credit score isn’t just a tool that helps lenders determine how much risk they take on when they lend to you, it can also affect rental applications and even insurance rates.
In this guide, we show you where you can find your credit score and what goes into calculating it.
A credit score is a summary of your credit history expressed as a number ranging from 300 to 850. While several different credit bureaus offer credit scores, the most widely known type of credit score is developed by FICO (Fair Isaac Corporation).
The credit score model a risk-based system that calculates the possibility of you defaulting on your next loan — the lower your score, the higher the possibility you’ll default.
Identifying your credit score range can be quite difficult. This is because financial institutions determine ranges differently.
As a result, with one bank, your FICO score could place you in their “excellent” bracket, while the same score might place you in the “good” range with a different bank.
The table below shows credit score tiers reported by several financial services websites:
|Site||Credit Score Tier 1||Credit Score Tier 2||Credit Score Tier 3||Credit Score Tier 4||Credit Score Tier 5|
|CafeCredit||Bad – 300-639||Fair – 640-679||Good – 680-719||Best – 720-850||N/A|
|CreditKarma||Poor – 549 or lower||Fair – 550-639||Good – 640-719||Excellent – 720 or higher||N/A|
|Credit Sesame||Very Poor – 499 or lower||Poor – 500-549||Fair – 550-639||Good – 640-719||Excellent – 720-850|
|Experian||Poor – 579 or lower||Fair – 580-669||Good – 670-739||Very Good – 740-799||Exceptional – 800 or higher|
|NerdWallet||Poor – 350-629||Average – 630-689||Good – 690-719||Excellent – 720-850||N/A|
|WalletHub||Bad – 300-619||Fair – 620-659||Good – 660-719||Excellent – 720-850||N/A|
Source: https://www.creditkarma.com, https://www.nerdwallet.com, http://www.experian.com, https://www.creditsesame.com, https://wallethub.com, https://www.cafecredit.com.
There are various ways to get your credit score:
You have multiple credit scores, as each one is calculated differently depending on the credit reporting agency. Companies can request your score from any of these agencies, so may receive a different score depending on the one they call.
However, you’ll always have the same credit file. If there are no errors listed on your file, you shouldn’t expect too major of a discrepancy between your scores.
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As the most common type of credit score, it’s important to know the FICO score is calculated. There are five components which make up your FICO credit score, with each of them weighted differently:
Those three digits can make a big impact on your life – good and bad – so they’re worth keeping an eye on. Monitor your credit score carefully and you may just help edge it closer to the 850 mark.
You probably already know that being late on payments or defaulting on a loan is guaranteed to lower your credit score. Here are some other ways you can hurt your credit:
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