Your credit score is one of the most important numbers in your financial life. This score his how lenders, ranging from mortgage lenders to financial institutions and credit card companies, see your financial risk, and determine whether or not to extend you credit for that new card, house or car. Your credit score is separate from your credit report, but is widely based off of what is contained in your report. Because the score is separate, you will need to go through an additional process to order it.
Step 1
Get your annual free credit report. Every year you are entitled to one free credit report from each of the main credit reporting agencies (Equifax, TransUnion, and Experian). Although these reports do not include your credit score, looking at the information contained in the report can gives you an estimate of how good your credit score may be. Your credit score is broken down into five percentages. 35 percent is based off of paying your bills on time. 30 percent is based off of how large of a balance you are carrying (how much you owe) in comparison to how much credit you have available. 15 percent is based off of how long you have had a credit history. 10 percent is based off of how many new credit accounts you have opened recently (the less the better), and the final 10 percent is based off of how diversified your credit is (a healthy mixture of loans, mortgage, credit cards). By looking at how well you are doing in each of these areas, you can estimate how good your credit score will be.
Step 2
Buy a single FICO score from a credit reporting agency. FICO scores are the most commonly checked scores by lenders. FICO scores can be purchased directly from Equifax or Transunion, or by visiting myfico.com. The cost as of 2009 for this score is $15.95.
Step 3
Order a site specific score. Depending on the credit agency, other scores outside of FICO may vary as much as 50 points. To see where you stand with these credit scores you can order them directly from the credit reporting agency. These scores include the Vantage Score and Experian Plus, and can be purchased directly from the Experian website. Prices range on these scores from $5.95 to $15.95.
Step 4
Consider a monthly monitoring service. There are several companies on the market that offer you unlimited access to both your credit score and credit report for a monthly fee. These programs can be beneficial to help you keep track of your credit, especially if you are trying to improve your credit history and score. Many of these monitoring services also provide alerts when new accounts are opened, or when negative items (such as a late payment) have been posted to your credit report. These services can either be 3 in 1 (all three credit scores in one report) or purchased singularly from one credit reporting agency. Prices range from $5 to $20 a month, depending on the features of the service.
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