Your credit score can be determined by a credit scoring model however credit score has ranges and varies depending on what factors are utilized. In order to find out your exact score, it is possible to access free credit score calculators online where you enter some personal information about yourself. These numbers are then matched with your credit history to come up with an accurate assessment of your credit worthiness. Most lenders use this number to determine whether or not you qualify for a loan and what interest rate to charge you. However, there are still many factors that influence what the actual score is and there are more than simply two numbers that will determine whether you will be accepted for credit. Here are a few things to consider when determining what your credit score is.

Credit Score Ranges From 300 To 850

The credit score ranges start at 580 for extremely good credit and goes all the way down to 680 for poor credit scores. The scale goes higher for excellent scores than it does for very poor ones. This is a very wide range of possibilities and it will depend on such things as your employment history, your income and the types of credit you already have. If your record is full of positive activities like on time payments and you have been responsible with assigned credit cards, then you are less likely to be considered someone who might default on a loan or credit card. This same theory is used with divorce cases and bankruptcy cases. Your credit score ranges can go all the way up to eight hundred and five. This is a range that includes all three major credit bureaus, which are Experian, TransUnion and Equifax. All three of these companies keep records on people’s credit histories and these scores are updated on an annual basis. In addition to having their own records, they also get information from government agencies and others about people’s credit histories. They compile this information into reports that you will need to see if you are interested in them.

There are two main types of scoring models used by credit score ranges that determine how high or low your credit score is. The first one is a very complex mathematical model and takes into account many different factors of your personal life. This includes everything from how long you have been at the same job to how long you are married and even how many children you have. These factors are then plugged into a model that can predict how likely it is that you will default on your loan or credit card. This model is named OLS or the Oregon Lottery Curve. It was developed by the federal government using millions of dollars’ worth of data that were taken from the records.

The second type of model is called the FICO. It was designed by the Fair Isaac & Company and it calculates risk scores for consumers based on their credit history. It uses several different formulas, like the OLS, to determine how likely a person is to default. This information is then used by lenders such as banks and credit card companies to decide how much they should charge a consumer based on their past credit history. Lenders consider the FICO as the ideal way to calculate credit score thresholds because of its calculation accuracy. You can see that these two credit score ranges have very different formulas for computation. This is why it is important that you understand how they come up with their results. Using the formulas provided by these scoring models is important if you want to get the most accurate answer to what your credit score is. If you want an exact numerical value for your credit score, it is suggested that you check out free online calculator sites instead.