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Credit Score Calculator

Though you may not like it, a lot of your financial future rides on one simple number: your credit score.

From getting a loan to getting an apartment or even a job or insurance, the numbers that are calculated based on your past financial decisions and habits bear a lot of weight on your present. In fact, your credit score can make or break your ability to get a loan with good interest rates from just about any lender, so it's good to know what's what, including what plays into your credit and how to find a reliable credit score calculator (and what to do if you need money but have bad credit).

How Your Credit is Calculated

You can't really choose whether or not you have credit - it's just something that happens once you start borrowing money officially. Though you don't have much control over the fact that you're going to have a credit background, knowing the ins and outs of how your credit is calculated can help you maintain a good score, or raise a score that's less-than-ideal.

It goes without saying that your credit score is calculated based on the information in your credit report, but what information makes it to your credit report?

Along with your personal information such as your name, address, employment information, social security number and date of birth, there are a few key things that make it onto your credit report:

  • Mortgages
  • Auto loans
  • Credit cards
  • Bank cards
  • Credit inquires
  • Collections, foreclosures, and bankruptcies

Even if you have fully repaid a loan or line of credit, it will still stay on your report for up to several years. For instance, filing for bankruptcy will stay on your report 10 years from the filing date, and foreclosure will stay on your report for seven. So basically, it's good to live within your means and only use the credit you absolutely need, since blemishes on your report tend to stick for a while.

Who Calculates Credit?

So when it comes time to buy a house or vehicle, or make any other large purchase you can't pay for outright, having good credit - or in many cases, great credit - is essential. But who exactly is in charge of your credit score?

TransUnion, Equifax, and Experian are the three main credit bureaus financial institutions and lenders report to and glean information from about your credit score. "Good" credit is a score of 680+, and "excellent" credit is a score of 740+. The higher your score, the lower your interest rates will be, because you are considered a less risky investment, and more able to make your payments on-time and in full.

Though they don't share information with each other, each report from each individual agency can have vastly different information on you, so it's important to check all your reports if you can.

How much you owe compared to the original amount borrowed and whether or not you have paid your loans on time are the two biggest factors lenders take into consideration from your credit report.

The Importance of a Reliable Credit Score Calculator

Having a reliable credit score calculator is essential in knowing where you stand with your credit. After all, if you get turned down for a loan, or you are only getting offers with high interest rates, your credit reports are the first place you'll want to start. This way, you can find out what your score is, why it is that way, and what areas you can improve in so you can start to bring it up.

Additionally, you should know your credit score in case:

  • A person or institution is attempting to take action against you based on your credit score
  • Someone has stolen your identity
  • If you are unemployed and looking for a job
  • If you are using public aid

Don't worry - if anyone asks to have your credit pulled - like a potential employer or landlord - he or she must tell you exactly which bureau will be used as well as give you the contact information of that specific bureau.

A hard credit pull can actually damage your credit score, so it's important to know when your last credit inquiry was. Usually you are allowed to pull your credit once a year without being penalized by having your score knocked down a few points. Any more than that, and you risk, well, losing points from your overall credit score.

You can get a free annual credit report from AnnualCreditReport.com, which will cover information held by all three major credit bureaus. Additionally, you can find reliable credit score calculators through any of the three major bureaus. Calculating your score is the first step to improve your credit, so don't wait to do so if you're wondering just where you stand.

Using a Title Loan to Clean Up Your Credit

Though your credit report is an essential part of your financial background, bad credit, no credit, and even foreclosure and bankruptcy aren't irreparable. Life happens, and sometimes you need money, even when your credit isn't the best. In situations where you can't get a traditional loan, you have more options than you think.

Car title loans are a quick and stress-free borrowing solution that allow you to use an asset you already own to get the cash you need. Unlike traditional loans, there is no credit check required for instant pre-approval. With no hard credit pulls to eat up your time or ding your score, you can sail quickly through the process and drive away with money in as little as a few hours.

In terms of your credit, there are lots of ways car title loans can help. You can use a title loan to:

  • Consolidate your debts
  • Get quick cash for an emergency when traditional lenders turn you down
  • Improve your credit score faster by catching up on late payments

If your credit isn't quite where you'd like to be and you want to boost your score as quickly as possible, you can use a title loan to consolidate your backed-up payments. Title loans are one of the few lines of credit that aren't usually reported to credit bureaus (unless your vehicle is repossessed). This way, even if you fall behind on a payment, it usually won't hurt your credit score, unlike other lines of credit.

With so much riding on your credit score, it's probably a good idea to keep on top of it with the help of a credit score calculator (as well as some basic knowledge about your credit). Your bank account and your future self will be very grateful if you do!




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