A FICO score calculator (also known as a FICO score simulator or
credit score simulator)
can help you determine an estimated range in which your credit score lies.
The FICO score was developed by Fair Isaacs Corporation, and is the most widely used credit score. Credit bureaus call the score different things, but it is really all the same.
The reason that using this type of tool is effective in credit repair is it allows you to see where you are doing wrong and correct your ways to increase your score.
It should be noted that there is no calculator that can give you your exact FICO score. Only credit bureaus can do that.
However, they can provide you with a rough estimate as a starting point to repairing your credit.
Estimators will ask a number of questions that will allow you a free survey of your credit report, including a score. This can save you money since credit bureaus charge you to find out your score.
Knowing your estimated range for your score can help you learn how to better it. It will also let you know how big of a risk you are in the eyes of lenders.
As you go through the questions asked by a FICO score calculator, you will begin to see where you have made mistakes in your credit history.
Understanding the components that make up your score will allow you to make changes.
For example, being repeatedly late on a payment will decrease your score.
Having too many credit applications can also hurt. Your debt to income ratio can also lower your FICO score.
Also, allowing your creditors to continue raising your credit limit can harm your score.
Ways to repair your credit can be made known as you answer the questions presented by a FICO score estimator. It is ideal to answer the questions every few months in order to learn a new estimation.
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