1. What is a FICO Score?

The FICO Score is a credit score created by the Fair Isaac Corporation. Lenders use borrowers' FICO scores along with other details on borrowers' credit reports to assess credit risk and determine whether to extend credit.

2. How Does the Calculator Work?

The calculator estimates your FICO score based on the five major factors that affect credit scores:

• Payment History (35%): Whether you've paid past credit accounts on time
• Credit Utilization (30%): The amount of credit you're using compared to your available credit
• Credit History Length (15%): The length of time you've had credit
• Credit Mix (10%): The variety of credit products you have
• New Credit (10%): Recent credit inquiries and newly opened accounts

3. Importance of FICO Score

Details: Your FICO score affects your ability to borrow money and the terms (interest rate, etc.) that lenders offer you. Higher scores mean better creditworthiness and lower interest rates.

4. Using the Calculator

Tips: Provide accurate information about your credit situation for the most realistic estimate. Remember this is only an estimation - your actual FICO score may vary.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is this calculator?
A: This provides a rough estimate based on standard FICO scoring factors. For your actual FICO score, check with a credit bureau.

Q2: What is a good FICO score?
A: Generally: 800-850 (Exceptional), 740-799 (Very Good), 670-739 (Good), 580-669 (Fair), 300-579 (Poor).

Q3: How often does my FICO score change?
A: It can change whenever your credit report data changes. Most lenders report to credit bureaus monthly.

Q4: How can I improve my FICO score?
A: Pay bills on time, keep credit utilization low, maintain old accounts, limit new credit applications, and have a mix of credit types.

Q5: Why is my FICO score different from other credit scores?
A: There are different scoring models (FICO, VantageScore) and versions. Lenders may use different versions depending on the type of credit.