How to Estimate Your Credit Score

Estimating your credit score is a smart move one could make before applying for a loan. Credit score, most reliable being the FICO® score (developed by the Fair Issac Corporation) is a benchmark, that helps lenders predict your financial health and your borrowing lifestyle. The high score one has the better and easier it is. Lenders obtain a borrower’s FICO® score from three national credit bureaus: Equifax, Experian and TransUnion.

A credit report can be obtained through any credit agency. However, now borrowers can estimate their credit score online.

Difficulty: Moderately Easy

Instructions

1. Visit FICO® website to get an estimate of credit score
   FICO® scores are the scores lenders look up to determine your financial health and stability. The website of FICO® now provides a free estimate of credit score. (See Resources for a direct link).

2. Answer questions
   To get the process started, one has to answer 10 simple questions providing credit information. The common questions are about the credit cards one owns, loans, past credit history, percentage of money borrowed etc.

3. View results
   Once the credit score questionnaire is completed, your estimated credit score is displayed.

4. Understanding FICO® credit score
   The following points would help you get a better understanding of your credit score estimate.
   1. The higher the scores , the lesser the payments.
   2. Highest score range – 760-850
   3. Lowest credit score range – 620 – 639
   4. Interest rates vary with each credit score range.

Resources

• FICO credit score estimator

[mikederteyjel]

on 11/26/2009 Great articles 5 stars for that information

Recently I've found a site that offer you to get free credit report and scores.This site also offer credit monitoring and credit fraud alerts.I thought I would help everyone here to share it.You should try it:

http://www.EliteCreditreport.Info