Your Credit Score: What It Is and How to Check It Free
Knowing your number is step one. You can't improve something you won't look at. Check it, write it down, and revisit it in 90 days. That's the whole plan to start.
Your credit score isn't a measure of your worth. It's just a formula that predicts how likely you are to pay back debt. Once you understand the formula, you can work it.
The formula (FICO score):
- 35% Payment history (do you pay on time?)
- 30% Amounts owed (how much credit are you using vs. your limits?)
- 15% Length of history (how long have you had credit?)
- 10% New credit (how many recent applications?)
- 10% Credit mix (different types of credit)
What the numbers mean:
- 800+ Excellent
- 740-799 Very Good
- 670-739 Good
- 580-669 Fair
- Below 580 Poor
How to check for free (no impact to your score):
- Credit Karma (free, shows Vantage Score)
- Your bank's app (many show FICO now)
- Discover (free for anyone, not just customers)
- AnnualCreditReport.com (free credit reports from all 3 bureaus)
Checking your OWN score is a "soft inquiry"—it doesn't hurt your score. Only applications for new credit ("hard inquiries") affect it.
WHAT TO DO TODAY:
- Download Credit Karma (free app) or go to creditkarma.com
- Create an account (takes 5 minutes)
- See your score
- Look at what factors are helping and hurting you
- Write down your score—this is your starting point
