How Your Credit Score is Calculated

finding your fico credit score

While the exact formula is not given, but  FICO has shared a few of the factors that they taken into account and how they weigh them.

finding your fico credit score

  • 35% Payment History
  • 30% Amount Owed
  • 15% Length of Credit History
  • 10% New Credit
  • 10% Types of Credit

Source: MyFico

Your credit score from each bureau is a number between 300-850 that each of the credit agencies assign based on the information on your credit report.

In theory your scores between the 3 bureaus should be similar since they are pulling the data, but sometimes errors and missing information can mean that your scores differ greatly.

Getting Your Free Credit Report and Score for Free

credit sesameIf you’re looking for a free option on checking your credit reports, you can use Annual Credit Report. You’re entitled to review all 3 of your reports for free. This is a completely free site – no trial and no membership sign-up.

I want to mention, though, while you can get your credit reports through Annual Credit Report, you can not get your credit score.

You can use free option like Credit Sesameto get a credit score using data from Experian updated monthly. The free membership (no credit card required) allows you to see your credit score and you can also get suggestions on ways you can save money on your finances, like mortgages or credit cards. I wrote a review on Credit Sesame if you’re interested in how it works.

How Is Credit Sesame Free?

As you probably figured, nothing is ever truly free, so how can you get your credit score from Credit Sesame without paying for it? Basically when you log in to check out your score, your finances on your credit report are analyzed and you may be offered deals based on the data. The site looks at your current loans to see if there is a better deal out there that you may be interested in.

Your Credit Score

When was the last time the two of you checked your credit reports? Do you have an idea of what your credit scores are?

VINE & LACE

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