Can You Calculate a FICO Credit Score - And What Is It Anyway?

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By Chris Telden

Although there are estimators that will calculate the general range of your FICO credit score, it's not possible to precisely determine the number on your own. Odd as it seems, the formula is calculated using a proprietary algorithm by the Fair Isaac Corporation. You can, however, get a copy of it easily for an extra fee when you request a copy of your credit score.

A FICO score, by the way, is not a synonym for credit score, but just one type. It is the primary credit score system used by the three credit bureaus that report credit history and the credit scores of consumers: Equifax, Experian and TransUnion.

By federal law, in the United States these credit reporting companies must provide your free credit report once a year. The FICO score can be requested at the same time, though it's usually not free.

About FICO Score Numbers

Your FICO score is used by creditors and lenders when deciding whether or not to lend you money, when they want to determine how much of a credit risk you present.

In general, a FICO score range from 660 to 720 is considered a good credit risk. A FICO score range from 620 to 660 may suggest you're borderline risky. A FICO score of less than 620 can put you in the class of borrowers who are considered high risk.

If, on the other hand, your FICO credit score is above 720, you may have lenders eager to offer you hard to get loans like a revolving line of credit (credit card), an auto loan, or a mortgage with very favorable terms--i.e., low interest rates.

Getting a Copy of Your FICO Credit Score

Visit the websites of Equifax, Experian and TransUnion. Read all the fine print before signing up for free credit score offers, or you might find yourself with a membership you don't want (unless you do want one). If you do sign up for a membership and then want to cancel, the credit score free offers generally come with a trial period during which you can safely cancel.

When you get your free annual credit report--which, by the Fair Credit Reporting Act, you're entitled to--ask for a copy of your FICO score, too. By paying a nominal fee, you can find out how your credit record has been scored by Fair Isaac. You do need to request your free credit report specially, and Equifax, TransUnion and Experian are not required by law to offer the FICO credit score free.

Calculating Your FICO Score (Estimating)

Although the only way to know the FICO score that lenders receive with your credit report is to order it yourself, a FICO score estimator may ask for the following information and base the estimate on the answers.

  1. Number of credit cards you have (As of this writing, there is no option to choose "I don't have a credit card now.")
  2. How long ago you got your first loan. (If you've never had a loan, or your account has been open for less than 6 months, they won't be able to estimate the credit score).
  3. The number of loans or credit cards for which you've applied in the last year.
  4. How recently you've opened a credit card or gotten a loan.
  5. The number of credit cards or loans with a balance.
  6. Your total balance on all loans and credit cards, aside from mortgages.
  7. The date you laste missed a loan payment or credit card payment.
  8. If you've ever missed a payment, how delinquent were you?
  9. The number of credit cards/loans currently past due.
  10. The balances on all past due accounts.
  11. The percentage of your credit card limits represented by the balances on your credit cards.
  12. Whether or not you've gone through a tax lien, foreclosure, bankruptcy, reposession, or had an account referred to collection agency in the last ten years.
  13. How recently that was.

Although it's a handy tool, as you can see, the information requested is general, and often the given answers don't include all possible options, since each person's case is different. That's why it's a good idea to get a copy, yourself, if you need to know your FICO score.

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