What is A Credit Score - Calculate Credit Score
Credit is the amount of money a lender will allow you to borrow based on your income, current debt situation and your past payment history.
Credit bureaus calculate credit score(s) from the information contained in your credit report. The most widely used score is called a FICO score and is used by the major credit repositories. It is based off your current debts, balances and payment history. This includes mortgages, credit cards, auto loans, liens and/or bankruptcies. Lenders use it as an important tool in deciding if they will lend you money and at what rate. A Credit score can range from 400-850.
Generally if your credit score is over 700 you have good credit. Under that, and you may pay a higher interest rate to borrow money.
Some credit bureaus offer a free credit score with the purchase of a credit report. Some offer 3 free credit score(s) with the purchase of a 3 credit bureau report.
| Quick Credit FAQ |
| Up to 60% of people who check their free credit report find errors. |
| Credit Professionals recommend a credit check at least 2x yearly. |
| You may obtain a free credit check if you've been denied credit in the last 60 days or once annually. |
| There are 3 credit bureaus which collect information from major creditors. Equifax, TransUnion, Experian. |
| Your credit report lists all the accounts and payment history for the last two years; liens and judgements for 7 years; bankruptcy 10 years. |
| From your information a credit score is calculated. Credit Scores range from about 400-820. A score of 700 or above is very good. |
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