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Free Credit Score
Click Here to Get Your Free Credit Score Online!
There are many companies available online that will provide you with your free credit score. Your credit score is a three digit number that creditors look at when considering you for approval. The scoring system is based on the information contained in your credit report. Lenders such as banks and credit card companies use your credit score to determine how much of a credit limit you will get and at what interest rate.
Your free credit score is no different than the credit score information provided from a paid service. In this day in age there are so many free credit report services available that there is no reason someone should have to pay to find out what their credit score is. Knowing what your credit score is can be very beneficial when you are planning to apply for any type of loan. The creditors you are applying with will look at this information so why should you be in the dark? Knowing what your credit score is beforehand can save you a lot of time and hassle in the application processes as well as give you an idea of what interest rate you can expect to pay.
The most common type of credit score is called a FICO score. This credit scoring system is a mathematical formula that takes into account various factors that are on your credit report. FICO scores range from about 300 to 850. Scores above 720 are considered to be good credit and scores below 600 are considered to be poor. Below are approximate percentages to help give you an idea of how your credit score is calculated.
35% punctuality past payment history
30% capacity used, i.e., ratio of current revolving debt (e.g. credit card balances) to total available revolving credit (e.g. credit limits)
15% length of credit history
10% types of credit used (installment, revolving)
10% amount of credit obtained in the recently
There are other factors that can also affect your FICO score. If there
are monies owed because of a tax lien or court judgment it can bring your
score down. Get your free credit score today to find out where you stand.
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