FICO scores are composed of: payment history (35%), amounts owed/credit use (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
Pay down credit card balances (reduce use below 30%), dispute errors on your report, become an authorized user on someone's card, and never miss a payment going forward.
FICO scores range 300-850. Good: 670-739. Very Good: 740-799. Exceptional: 800+. Higher scores get better interest rates and loan terms.
Most negative items stay for 7 years (late payments, collections, charge-offs). Bankruptcies stay 7-10 years. Hard inquiries stay 2 years. Positive accounts can remain indefinitely.
No. Checking your own score is a 'soft inquiry' and doesn't affect your score. Only 'hard inquiries' from credit applications can temporarily lower your score by a few points.
Check at least annually from each bureau (Equifax, Experian, TransUnion) at AnnualCreditReport.com. More frequently if you're actively improving your score or preparing for a major purchase.
This calculator is for educational and informational purposes only. Results are estimates and should not be considered as financial advice.
Consult a qualified financial advisor before making investment or borrowing decisions.
Before you sign anything, see the full cost โ monthly payment, total interest, and how extra payments change the payoff date. I use this loan payment calculator for every loan I consider.