How to Find Out Your Real Credit Score

Knowing your real credit score is important if you want to get approved for loans and credit cards at the best rates. But with so many different scoring models out there how do you know which one is your true credit score? In this comprehensive guide we’ll walk through the key things you need to understand to find and monitor your real FICO credit score.

What is a Credit Score?

A credit score is a three-digit number that lenders use to evaluate your creditworthiness. It’s based on the information in your credit reports from the three major credit bureaus – Experian, Equifax and TransUnion. The most widely used credit scores are FICO scores, developed by the Fair Isaac Corporation. FICO scores range from 300 to 850. In general, the higher your score, the lower your perceived credit risk to lenders.

Credit scores are calculated based on these five factors:

• Payment history (35% of score) – Tracks your history of on-time or missed payments
• Credit utilization (30% of score) – Measures how much of your available credit you are using
• Length of credit history (15% of score) – Considers how long you’ve had credit accounts open
• New credit (10% of score) – Analyzes how much new credit you’ve opened recently
• Credit mix (10% of score) – Looks at different types of accounts you have (credit cards, loans, etc.)

Lenders have their own criteria for what credit scores they consider excellent, good, fair or bad. But in general:

• 800-850 is excellent
• 740-799 is very good
• 670-739 is good
• 580-669 is fair
• 300-579 is very poor

Why Your Real Score Matters

You actually have many different credit scores, and lenders may use different versions when evaluating your application. So when you check your credit score, it’s important to find your real FICO score – the one most commonly used by lenders.

Here’s why:

• 90% of top lenders use FICO scores when making lending decisions. Other scoring models can vary significantly from your real FICO score.

• Your scores vary between credit bureaus. Your credit reports at Experian, Equifax and TransUnion may contain different information. Checking just one score could leave gaps in your understanding of your credit health.

• Each FICO score version is used for different purposes. Your auto loan score, mortgage score and credit card score are tailored specifically for those products.

• Monitored improvement. Checking your real FICO score frequently lets you see the impact as you work to improve it over time.

How to Check Your Real FICO Credit Score

Want to check your real FICO score? Here are a few easy options:

Get it Free from Credit Card Issuers

Many credit card issuers like Discover, American Express and Citi provide free FICO scores to cardholders. Just log into your account and check for the feature.

Use Free Score Tracking Services

Websites like Credit Karma and WalletHub offer free credit scores and reports. But be aware these are often VantageScore credit scores, not FICO.

Buy Directly from myFICO.com

For access to all 28 FICO scores, you can purchase them directly from myFICO.com, the consumer division of FICO. Prices start at $19.95 per month.

Get Your Official FICO Score from Experian

Experian’s $24.99 per month paid membership also provides your FICO Score 8 along with an Experian credit report. This can help you understand what’s impacting your score.

Check with Your Bank or Credit Union

Many banks and credit unions provide free FICO scores to account holders. Just log into online banking or visit a local branch to check availability.

5 Key Tips for Monitoring Your Real Credit Score

To keep tabs on your real FICO credit score over time, follow these tips:

• Check at least once per month. Frequent checks let you closely monitor changes.

• Use the same scoring model each time. Compare “apples to apples” by checking the same score regularly.

• Get scores from all three bureaus. Different information in your credit reports could impact each score differently.

• Understand what causes variations. With insight into what influences your score, you can better improve it.

• Check scores used for key purchases. Review your mortgage, auto loan and credit card scores before applying for those products.

The Takeaway

When you need to check your credit score, be sure to find your real, up-to-date FICO score. Scores can vary significantly across credit bureaus and scoring models. Checking your true FICO score frequently and understanding the factors that impact it will help ensure you get approved for credit at optimal rates. Just be sure to use a reputable, secure site and never pay for services that are offered free through your lenders.

To get your real credit score, check with the major credit bureaus (Equifax, Experian, and TransUnion) or your financial institutions.