Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit score services to help you make smart decisions with your money.
- A credit score is a number between 300 and 850 that represents your creditworthiness.
- Consumers can get their credit score for free, or it can be included as part of a paid service.
- Scores will vary slightly depending on the credit bureau and credit scoring model your score came from.
Understanding credit scores
What is a credit score?
A credit score is a number from 300 to 850 that predicts how likely you are to pay back a debt on time. Consumer credit reporting agencies like Experian, Equifax, and TransUnion look at a range of factors including bill-paying history, current unpaid loans, and the share of available credit that are used to calculate credit scores. The two most common credit scores consumers are likely to come across are FICO and VantageScore.
Your credit score determines whether you get approved for a loan or credit card, and the terms on that borrowed money. It can also determine rates on insurance and apartment lease decisions. Given the immense impact credit scores have on your life, you should be able to access them for free — and luckily, you can.
Understanding credit score ranges
Credit score ranges help lenders determine the risk of lending to a borrower.
Credit scores are based on payment history, overall debt levels, the number of credit accounts and the mix of your credit profile.
Your credit score can decide whether you are approved for a loan and at what interest rate.
A FICO score between 740 and 850 is considered exceptional, while scores between 700 to 750 are considered very good.
A score between 670 to 739 is considered a good credit score.
A score between 580 to 669 is considered a fair credit score while a score under 580 is considered a poor credit score.
How to check your credit score for free
In the past, it was common for consumers to have to pay a fee to get access to their credit scores from one of the credit agencies. Today, however, there is an abundance of free options available. For starters, most credit card companies will provide your score on your monthly statement or anytime you check your account online.
Best methods to check your credit score
Credit monitoring services are another great place to access your credit score. These services monitor your credit reports for any changes, but often come with additional services to reduce the risk of identity theft and assist you in building credit.
Free credit score check services
While many of these services do charge money, some of the best credit monitoring services are free, such as Capital One CreditWise or Credit Karma. Experian also allows you to see your credit score with their free service, Experian Boost.
Still, companies can and some still do charge a fee, as they are entitled to do so under the Fair Credit Reporting Act(FCRA). However, with all the credit scores accessible for free, there's no reason you need to pay for your score, unless you're paying for a service that includes credit scores in their list of features.
Factors affecting your credit score
Now that you know how to get a hold of your credit score for free, what exactly are the factors that go into its calculation? It's slightly different depending on whether you're looking at a FICO or VantageScore. Let's break it down.
FICO
Payment history (35%): The most important factor in your FICO score is whether you've paid previous loans off on time. It helps lenders determine how much risk they will take on when extending credit.
Amounts owed (30%): While having a lot of outstanding debts isn't necessarily a bad thing, it does show how much of your available credit you're using. Lenders can look at this and determine whether or not you're overextended. Your credit utilization ratio, the amount of revolving credit you're using compared to available credit, also plays a part in this category.
Length of credit history (15%): A longer credit history is a positive, but not a requirement for a good score.
Credit mix (10%): Your FICO score takes into account your mix of credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans.
New credit (10%): The score looks at recent credit accounts and the time frame in which they're opened as they can represent a greater risk.
Featured Offer
Aura – All-In-One ID Theft Protection
Perks 60-day money back guarantee is only available for our annual plans purchased through our websites (excludes Amazon) or via our Customer Support team. You may cancel your membership online and request a refund within 60 days of your initial purchase date of an eligible Aura membership purchase by calling us at 1-855-712-0021. If you signed up for Aura through a free trial, then your membership purchase date will be the date you signed up for your free trial, and you will have 60 days from the date you signed up for your free trial to cancel and request a refund. If you switched to a new annual plan within 60 days of your initial Aura annual subscription, you may still qualify for the Money Back Guarantee (based upon your initial annual plan purchase date).
Try risk free with our 60-day money-back guarantee. 24/7 customer support included with all plans.
Fees
$15 monthly or $144 annually
Pros
- Solid range of protections including parental controls
- Includes antivirus, VPN, and password manager features
- Reasonable pricing for couples and families
Cons
- No social media monitoring
Insider’s Take
Aura ID Theft Protection offers comprehensive identity protection at some of the best prices on the market, which should be expected from one of the services we included in both our credit monitoring and identity theft protection guides.
Aura All-In-One review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- All plans come with 24/7 customer support
- Every adult member on your plan is backed by $1,000,000 insurance policy to cover eligible losses and fees due to identity theft.
- Enjoy a 60-day money-back guarantee on annual plans.
- 60-day money back guarantee is only available for annual plans purchased through Aura’s websites (excludes Amazon) or via the Customer Support team.
VantageScore
VantageScore, the second most popular credit scoring algorithm, uses the same general factors weighted differently to determine your overall score. The breakdown of contributing factors is as follows.
Your payment history (40%)
Length and types of credit (21%)
Credit utilization (20%)
Credit balances (11%)
Recent credit applications (5%)
Available credit (3%)
These breakdowns can overcomplicate the credit-building process, though it does key us into the behaviors that the credit scoring algorithms reward. The best thing you can do is pay your bills on time, only apply for credit if you need it, and keep your credit card balances low. With payment history and length of credit history being two of the most significant factors in credit building, it's also key to understand that building credit takes time.
Related: The best loans for fair credit »
Difference between credit scores and credit reports
If you look at a credit score as the grade lenders use to determine your creditworthiness, think of the credit report as all the "work" that goes into that grade.
Your credit report details your credit activity. It lists current and historical accounts, credit limits, balances, payment histories, the dates accounts were opened, and bankruptcies. As the base on which your credit score is calculated, credit reports don't actually include your credit scores.
Consumers are normally entitled by law to one free report every 12 months from each of the three major reporting companies. They can be requested at AnnualCreditReport.com.
Why is checking your credit score important?
Keeping a close eye on your credit score and credit reports, whether you get them for free or pay for them, is key to staying on sound financial footing. By monitoring both, you can take steps to correct small issues before they become something that can hamper your ability to take out loans. They can provide valuable insights into what factors might be pulling down your score, according to Kendall Clayborne, a certified financial planner at online bank SoFi.
"From here, you can formulate a plan for what will make the biggest impact for you personally," Clayborne says.
Checking credit score frequently asked questions
Will checking my credit score lower it?
No, checking your credit score will not lower it. Your credit reports do not show when you check your credit score, so the credit scoring algorithms have no way of knowing if you checked your credit score.
What is the best free service to check my credit score?
Credit Karma is a popular free service that offers updated credit scores from two major bureaus.
Can I get my credit score from my bank?
Many banks, credit unions, and credit card issuers offer free credit score updates to their customers.
Are paid credit monitoring services worth it?
Paid credit monitoring services can offer more comprehensive monitoring and additional features like identity theft protection.
Senior Personal Finance Reporter and Spokesperson
Jennifer Streaks is a Personal Finance Expert and Journalist who writes about credit and all things money for Business Insider. Committed to financial literacy and economic empowerment, she has covered financial topics for over a decade, writing about her own experiences and sharing her expertise to give consumers actionable financial advice.Along with exploring credit scores, credit reports, and how to build credit, Jennifer analyzes how current economic trends impact everyday people and offers her expert advice on budgeting, saving, and growing wealth in today’s economy. She regularly appears as an on-air financial commentator on programs like Good Morning America, Yahoo! Finance, CBS, and MSNBC.ExperienceBefore joining Business Insider, Jennifer was a financial contributor for CNBC and covered personal finance, entrepreneurship, tech, and the economy for Forbes. Her work has appeared in TheGrio, Black Enterprise, and USA Today.Jennifer is also the author of "Thrive! ... Affordably: Your Month-to-Month Guide to Living Your Best Life Without Breaking the Bank." The book offers advice, tips, and financial management lessons geared toward helping the reader highlight strengths, identify missteps, and take control of their finances.Jennifer’s most important financial advice to her friends is to always have an emergency fund.ExpertiseJennifer’s expertise includes:
- Credit scores
- Credit history
- Credit reports
- Budgeting
- Saving
- Housing
- Retirement
- The economy
- Financial trends
EducationJennifer earned an MBA from The Johns Hopkins University Carey School of Business and completed the Wharton Seminar for Business Journalists.Jennifer is based in New York City.
Top Offers From Our Partners
Western Alliance Bank High-Yield Savings Premier Earn 5.31% APY on your entire account balance – more than 10 times the national average 5.31% annual percentage yield (APY) is accurate as of 7/11/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 8/19/2024. See the FDIC website for more information. https://www.fdic.gov/resources/bankers/national-rates/index.html
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
