What is My Credit Score?

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.

Estimate Your Credit Score

Your credit score is one of the most important numbers in your financial life. It can determine whether you can get financing and can mean the difference between a preferential rate that saves you thousands of dollars or a more expensive loan.

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.



What Is a Credit Score?

A credit score is tabulated by credit bureaus, who get information from the banks and companies you do business with about your financial payments. Based on this, credit bureaus use algorithms to determine a three-digit score for you. Your score is based on five basic things:

  • How often you pay your bills on time and how often you’re late (this accounts for roughly 35% of your score).
  • How much you owe (this accounts for about 10%).
  • How many types of debts and credit lines you have right now (this accounts for approximately 10% of your score).
  • Credit history length (about 15% of your score is related to this).
  • The number of times your credit score and report have been pulled and examined recently (accounts for about 10%).

As you can see, how much you earn is not taken into account.

Having a Good Credit Score

Credit scores range from 300 to 850. Scores of 750 and over are considered best and are most likely to get you prime rates. Scores of under 500 can mean you get rejected for credit line increases and loans.

Your credit score is most often used when you apply for financing, such as a new loan or credit card. However, some employers will look at it when deciding whether you can handle a job related to money, and even some landlords will consider credit when deciding whether to rent to you. Your three-digit number, therefore, can have a big impact on where you work, where you live and how you live.

You can get a copy of your credit report and your credit score from the three major credit bureaus. While you are entitled to one free credit report a year, you may need to pay for the score.

Credit Score Calculators

Money Help Center has made it easy for you to get a sense of what your credit score might be like with this handy credit score calculator. Use our credit score simulator to determine what your score might be, how your current efforts to raise your score are working and more. Wondering how an extra credit card or loan might impact your score? Want to see what a difference paying bills on time might have? Our handy and free resource can help.

Money Help Center calculators are always free to use and are unbiased. You can use them to get the facts about your loans, debts, investments and more. Money Help Center can help you set a budget and can help you figure out how to improve your credit score.