MyFico.com has a really cool credit scoring estimator tool that they developed exclusively for their users. You answer roughly 10 to 15 questions about your credit situation and it cranks out an estimate or a range of FICO scores based on your answers. This is a pretty nifty little calculator for consumers
This is a great forecasting tool for those consumers who want to get a ballpark idea of their credit score but don’t want to use their free annual credit report or aren’t quite ready to pony up for an additional report.
Additional uses for this tool include using the estimator as a forecasting tool to assist consumers in approximating what credit score they will need to get approval on a specific credit card offer.
For instance, at CreditCardAssist.com and other leading credit card resource sites, we utilize admittedly vague “rules of thumb” about the type of credit that is required for each specific card offer. The types of credit classification that we generally utilize on the site are either Poor/Bad, Fair, Good or Excellent credit needed to get approval for any one particular card offer.
In general, anything over 720 is considered “Excellent” credit. 680-700 is considered “Good” and anything from 700-720 would be considered “Very Good” credit. A credit score of 640-680 would be considered “Fair” and anything below 640 would generally be considered “Poor” to “Bad” credit.
Now, again these are approximations of the type of credit and their associated value in the credit scoring world. Each bank or card issuer utilizes it’s own credit scoring and risk assessment systems to assign the type of credit worthiness for each of its prospective customers. Each bank reserves the right to assess risk and approve credit based on their own proprietary criteria.
Do not consider this credit scoring gospel. Make sure that you’re only using this MyFico tool to approximate your credit score. But as a forecasting tool, it’s incredibly useful for consumers nonetheless.
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Great post! A lot of very useful information.