How to use a credit score estimator

When you want to borrow money or gain some type of credit, you will usually need to go through a credit check. The companies usually follow the FICO credit score system to determine whether you have enough points. You can check your credit score yourself to determine whether you will be able to get the credit. However, this will usually be an estimate and you can't guarantee anything.

Entering your details into the score

Find the calculator on the internet There are lots of free credit score calculators on the Internet that you can use but you will need to put in a few details first. These details are usually about any outstanding debts that you have or CCJs. Two thirds of your credit score is about your financial situation and credit history. Other factors will include your age and marital status. Press calculate Once you have included all of the details that you are asked for, you will need to click on the calculate button. This will help you determine where you are on the credit score scale- this is the part that will help to determine whether you can get credit.

Do you have a good credit score?

What is a good score? Once you get your credit score, you need to work out whether it is good or not. Currently, anyone with a score above 700 is considered to have a good score. However, that doesn't mean that you will definitely gain credit. You may find that you have it at a slightly higher interest rate. Who can gain credit? Those who have a very good score, which is above 770, are more than likely guaranteed to get the credit that they want and at the lowest rate. You can work to raise your credit score but it is unlikely that you will get above 825, even though the top score is 850.

Raising your credit score

What does the calculator say? Most free credit rating calculators will tell you how you can boost your score. Some of this will be done through opening a joint account while other factors will be about your employment situation. You will usually see a scale at the side of the calculator telling you what is tipping the scale one way or the other. Clear your debts and stop moving The best way to improve your credit rating is by clearing off all your debts. This may sound difficult at the moment but just slowly making progress will help you. It can take a couple of years to finally see the results that you want. While you are improving your rating, stop changing home; this shows instability. To be at low risk, you need to show that you are stable as a person.