Your credit score is a three-digit number that lending institutions use to determine your eligibility for loans and lines of credit. The number will be between 300 and 800 and is calculated by using the information found in your credit report. Payment history, number of accounts and available credit are all used in calculating the score. In the past, finding out your credit score was difficult, but since companies realized they can make a profit off of selling scores, this is no longer the case. Finding out your credit score can help you determine whether you need to focus on improving your credit rating.
Step 1
Visit a website, such as MyFico and Credit Check Total, that can provide you with your credit score. Most agencies will use the FICO credit scoring system, which was developed by Fair Isaac Corp. Another credit scoring system, known as Scorex, is available but has yet to be widely used.
Step 2
Choose the FICO score that you want to view. You will be given a separate FICO score from each credit reporting agency: TransUnion, Equifax and Experian. The companies will provide your actual credit score based on the data found in your credit report from that particular agency. You can get each individual credit score or choose one particular agency. In most cases, the scores will be similar from each credit-reporting agency. MyFico and Credit Check Total websites allow you to access credit scores from all three agencies.
Step 3
Enter your personal information into the MyFico or Credit Check Total site. To receive your FICO credit score online, you need to enter your name, address, Social Security number and billing information over the site's secure network. Once the information has been verified and processed, you will be able to view your actual credit score. You can pay to see your credit score a single time or opt for a yearly subscription plan that allows you to view your credit score as often as you like. Since you can view your credit report for free at any time, getting a subscription plan to one of these sites is typically not necessary.
Step 4
Ask for your score when you apply for a loan. Lenders will review your credit score and credit report before determining whether to approve your loan. You can ask the lender to provide you with a copy of this information, thereby avoiding having to pay for the information.
Tips and Warnings
- There are free FICO estimator tools you can use online if you don't want to pay for the exact score. You enter information from your free credit reports to receive the number. BankRate and MyFico both provide this tool and you will be given an estimated range.
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