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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.
Worried about your credit score? Check it today
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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Just 1% of US credit card accounts took out a balance transfer in 2018.
I’m retired and I receive a estimate of 1400 a month, which 1300 is directly deposited in my south gate savings account. I was trying too get a 1500 loan to fix my home. Need d asap
Hi Paul,
Thanks for your question.
You may want to compare loans for retired people.
Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.
Cheers,
Anndy
Quick question. I have a credit score over 800 and my debt ratio is 29 percent. I am in the process of getting a loan for a house. During the process I have transferred one credit card balance to another card to take advantage of rates (both cards and my only two have been open for years and at the time of the original pull) my question is will the underwriter have a problem with that when they pull my credit again just before closing? My debt has not increased I just moved it to one card with a better rate and kept the other one at zero. I understand applying for new card, buying a car or increasing my debt is not good during these months. Just wondering if this will be an issue if at all since my debt has not increase?
Thanks
Hello John,
Thank you for reaching out to us.
Basically, there will be no problem to the approval of your credit application if and you have no problem on your credit file enquiries and payment defaults (in your credit file). Your approval for a home loan would generally be based on the lender’s overall assessment of your financial situation which includes but not limited to your income, assets, liabilities, credit history, etc.
If you think that you meet all the eligibility requirements of the home loan you’re applying for then there is nothing that you should be worried about. Your credit score of 800 is actually good – https://www.finder.com/do-balance-transfers-hurt-your-credit-score. So in case you’re looking to get a home loan, your other financial circumstances will come into play when a lender considers your application.
Also, for your additional reading and information, this article – https://www.finder.com/do-balance-transfers-hurt-your-credit-score about how a balance transfer affects your credit score may be useful.
Hope this helps on your enquiry.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash