In What is a Good Credit Score? post, I shared various ways you can use to get your credit score for free. I also mentioned the myFICO Free Credit Scores Estimator tool, which will give you a free estimate of your scores. The calculator asks you ten questions to come up with an estimated range of your FICO credit score.
How to Estimate Your Credit Scores
First, go to myFICO Free Credit Scores Estimator, click Get Started and answer the following questions:
- How many credit cards do you have?
- Follow up: How long ago did you get your first credit card?
- How long ago did you get your first loan? (i.e., auto loan, mortgage, student loan, etc.)
- How many loans or credit cards have you applied for in the last year?
- How recently have you opened a new loan or credit card?
- How many of your loans and/or credit cards currently have a balance?
- Besides any mortgage loans, what are your total balances on all other loans and credit cards combined?
- When did you last miss a loan or credit card payment?
- How many of your loans and/or credit cards are currently past due?
- What percent of your total credit card limits do your credit card balances represent?
- In the last 10 years, have you ever experienced bankruptcy, repossession, or an account collection?
After you answer all the questions, you will get your result similar to this:
Based on my answers, my FICO score was estimated to be between 735-785. That’s pretty close to what other free credit score websites are reporting.
Factors Affecting Your FICO Score
This gives you a good idea of what factors determine your credit score. Here is a visual on how your FICO® score is calculated from 5 general categories.
Credit Reports
Also, it is a good idea to review your credit report regularly. Since you can get one free credit report per year from each of the three credit agencies (Equifax, Experian, and TransUnion), you can stack your request 4 months apart and be able to review your credit report year-round. Personally, I use AnnualCreditReport.com since it provides you with completely free reports.
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Pinyo Bhulipongsanon is the owner of Moolanomy Personal Finance and a Realtor® licensed in Virginia and Maryland. Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, financial literacy author, and Realtor®.
If a delinquent credit card was closed and charged off, do you count it here as having a credit card and as past due?
I have to improve my score, but I have adverse items which won’t go away – not even after 7 or 10 years – and I currently have no cards, loans, or credit. So how am I supposed to raise my score?
I don’t understand from where Pinyo u get these information. I m so really impressed with the content formating and your expressive ideas. I just tried the Estimator and it gave me 530-590, which sounds good i believe. My three CRA scores are 450, 520, and 640. Let me be honest to you that I earn minimum wage and have no disposable income I can’t resolve those old debts, so my score isn’t likely to ever get back to normal. what will u advice ??
I am trying to get my credit score up, not good at all right now. I have a foreclosure on there which is not mine, it is actually my ex husbands. Have tried disputing it with the credit agencies but they cannot do anything, needs to be worked out through an attorney. I contacted the divorce attorney who stated they would put in some paperwork and resolve the issue. Well this has been over 3 months and I am at the point of harassment with all the phone calls I make to them, yet nothing has been resolved. What can… Read more »
In our field, 720 is the normal FICO score which is also the required score to obtain a business loan. But for cash advance they will allow as low 500 FICO. Although you are still correct, 500 FICO is very and sure will need to improved!
Good info but how accurate is it?
I used one and if you don’t click reset button, say if you forgot to click 160 day later, it stays the same. The disclaimer takes care of mistakes I guess.