What a Credit Score Calculator Won t Tell You
How Score Calculators Work
Credit scoring models generally focus on a few aspects of your credit history, with payment history and debt levels among the most important. As a result, score calculators ask you about those things. When using a score calculator, you ll probably have to enter the number of credit cards and loans you have, how often you ve paid those bills late and whether or not you have seriously negative credit events in your past (like bankruptcy, liens and judgments).
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But here s the thing with calculators: If you enter something incorrectly, your answer will also be incorrect. Even if you use the calculator to the best of your knowledge, you could be missing something. People often don t know about a negative part of their credit history until they get rejected for a credit application, look at their credit reports or see it reflected in their credit scores (all of those things require a Social Security number, by the way).
Credit Score Options
A credit score calculator also isn t going to alert you to possible fraud (obviously, if you don t know about a fraudulent account opened in your name, you re not going to account for it when using the calculator). If you check your credit score regularly, which you can do for free with Credit.com. you ll notice a sudden score drop, which may indicate identity theft.
Because the numbers produced by credit score calculators aren t based on hard data, you may not know what to do if you want to improve your score. Scores you get with a Credit.com account come with an explanation of areas for improvement.
This isn t to say credit score calculators aren t great tools they re certainly better than being clueless about your score but if you want to make a plan for boosting your credit standing. it s best to go with firm numbers. Keep in mind there are hundreds of scoring models, so you ll want to make sure you re focusing on the behaviors that determine the numbers. rather than the digits themselves.
More on Credit Scores:
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Christine DiGangi covers personal finance for Credit.com. Previously, she managed communications for the Society of Professional Journalists, served as a copy editor of The New York Times News Service and worked as a reporter for the Oregonian and the News Record. More by Christine DiGangi
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