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Credit scores are personal information. If you can tell me how your credit score is computed then I will tell you how my credit score is computed. Okay?

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Q: How is your credit score computed?
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What is a FICO score?

A FICO score is a numerical evaluation of your creditworthiness as a borrower. If you take a loan (such as a mortgage) out, this score helps the lender evaluate your ability and willingness to pay back that loan. The FICO score attempts to determine the likelihood you will repay your bills based on a number of factors. Your FICO scores are computed by credit bureas based on your history. The three major credit reporting bureas are Experian, Trans Union, and Equifax, each of which computes a score based on a unique model. While credit bureaus do not reveal how exactly the FICO score is computed (which has been ruled acceptable by the Federal Trade Commission), the following factors are known to be among the determinants of your FICO score: * Amount of Credit Used vs. Amount of Credit Available (e.g., have you maxed out several credit cards?) * Late Payments on Credit Cards * Employment history * Length of Time at Current Residence * Negative Credit Events (e.g., bankruptcies, collection agencies, etc.) Note that never having had a credit card or loan isn't necessarily good for your credit score, as you will simply have no credit history on which to judge your FICO score.

Is the credit score of 583 a good score?

583-619 is bad credit score in credit score range

What Is Your FICO Credit Score?

Credit scores are extremely important. This number is what people will look it before determining if you will get a house, buy a car, and land a job. Many people know the basics of FICO credit scores, but not everyone knows how the number is computed. Before you apply for new credit, it is a good idea to pull your credit report. By knowing how your credit score is computed, you can learn what steps to take to improve it. Here is how the FICO credit score is computed. Payment History - 35% This is the biggest component of your credit score. This looks at how you have made payments on your credit accounts over time. Late payments hurt your score. The more severe a delinquency, the worse your score will be. Once you bring your accounts current, your FICO credit score will start to improve. As negative items age, they lose their edge. If you have charged off accounts or collections accounts, they will count in this area as well. Amounts Owed - 30% There are two big considerations for this component. One is the amount you owe on installment loans in relation to how much you originally borrowed. The second part is the utilization of your credit cards. This means the balances you carry in relation to your credit limits. High credit utilization will lead to lower scores. You want to keep your credit card balances as close to zero as possible. Age of Credit History - 15% This scoring component looks at how old your accounts are as well as recent you have had activity on them. FICO credit scores usually look at the average age of your credit accounts. This is why it is never a good idea to close an account that is in good standing. The older the average age of accounts, the better your FICO credit score will be. Types of Credit - 10% In order to optimize your FICO credit score, you should have a variety of accounts. If you have all loans and no credit cards, your FICO score will be lower. You should have a good mix of installment accounts, revolving accounts, and retail accounts. New Credit - 10% The last part of your FICO credit score looks at how many new credit accounts you have opened. The presence of a lot of new accounts will hurt your credit score. This is why you want spread new accounts out. Also, your credit inquiries will count here. Any credit inquiry you initiate will affect your credit score for up to two years.

What is a good range for a credit score?

Good credit score ranges between 680- 750 and above this range credit score is considered excellent. Check your credit score regularly to get an idea about your credit score regularly.

Is FICO score and credit score the same thing?


What credit score is perfect credit and what score is considered bad credit?

Credit score that is around or more than 700 is considered to be good and score below 500 is considered to be bad. It is always advised to constantly monitor your credit score.

What is a credit report and a credit score?

A credit report basically contains information about your credit history, whereas Credit score is a number which is generated on the basis of your credit report. Score totally depends upon one's credit record, if history is good, credit score will be high. I always check my credit score free at

What is a bad credit score?

425 is a bad credit score.

How bad its 520 credit score?

This is a fair credit score.

Who checks your credit score?

The three credit score companies.

Does a free annual credit report give you a credit score?

A free annual credit report does indeed give you a credit score. Sometimes they will even give a credit score from several credit score companies just to get a better overview of your credit.

Is 577 a bad credit score?

577 is a fairly poor credit score. To have a credit score that is acceptable, you want your score to be between 620-680.