What is a credit score and how do I find out what... - General FAQ

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » FAQs » General » What is a credit score and how do I find out what mine is?

What is a credit score and how do I find out what mine is?

Answered on

Credit scores tell people about your past borrowing behavior. It’s a tool designed to help potential creditors, employers, landlords and others assess how likely you are to meet your financial obligations. Based on your credit history, it’s made up of the following factors  – listed along with an approximate percentage of how much each one counts  in making up your total score:

  • Payment history – whether you make payments on time (35%)
  • Total debt load and debt-to-credit ratio – how much you owe to all your creditors combined and how much of your available credit is in use (30%)
  • Length of credit history – how long you have been using credit (15%)
  • Types of credit – a mix of credit is good, including unsecured cards, mortgages, student loans or car loans (10%)
  • New credit – having lots of brand-new credit accounts don’t look as favorable (10%)

You actually have several different credit reports and scores. Each credit bureau keeps their own records, so you have a credit history and score with TransUnion, Experian, and Equifax. FICO calculates your credit score based on their own formula, which comes from a combination of information from different bureaus. Your credit score will fall somewhere between 300 and 850 – and higher is better.

Any score over 800 is considered excellent, while a score under 600 is considered subprime.

You can get your credit score for free.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit

Other Questions in
General