Your credit profile
Estimates based on FICO scoring factors; actual scores vary by bureau and model.
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Understanding Your Credit Score
Your credit score is a three-digit number (300–850) that lenders use to assess risk. It's based on your credit report data and calculated using the FICO model, which weights five factors:
- Payment History (35%) — Do you pay on time? This is the most important factor. Even one 30-day late payment can drop your score significantly.
- Credit Utilization (30%) — How much of your available credit are you using? Below 30% is okay; below 10% is ideal. This is the easiest factor to improve quickly.
- Length of Credit History (15%) — How long have your accounts been open? Older accounts help your score. Think twice before closing your oldest card.
- Credit Mix (10%) — Do you have different types of credit (cards, auto loans, mortgage)? A diverse mix can help slightly.
- New Credit (10%) — How many recent inquiries are there? Each hard inquiry can ding your score 5–10 points, though shopping around for a loan within 14 days counts as one inquiry.
Quick wins to improve your score
- Pay down credit card balances — Lowering utilization is the fastest way to boost your score. Getting below 10% can be worth 50+ points.
- Never miss a payment — Set up autopay for at least the minimum. Payment history is 35% of your score.
- Don't close old cards — Closing cards reduces your total credit limit (hurting utilization) and shortens your average account age.
- Limit hard inquiries — Only apply for credit you actually need. Each inquiry is a small hit to your score.
- Check your reports for errors — Dispute inaccuracies at annualcreditreport.com. Errors are more common than you might think.
Frequently Asked Questions
How is my credit score calculated?
FICO scores use five factors: payment history (35%), amounts owed/credit utilization (30%), length of credit history (15%), credit mix (10%), and new credit/inquiries (10%). Our simulator models these weights to estimate score changes.
How much does paying off credit card debt improve my score?
Paying off all credit card debt can improve your score by 40–100+ points depending on your current utilization. Dropping from high utilization (75%+) to under 10% is one of the biggest single improvements you can make.
Does opening a new credit card hurt my score?
Opening a new card has mixed effects. You'll typically lose 5–10 points from the hard inquiry and a slight decrease in average account age. However, the new credit limit can lower your utilization, which may offset the initial hit within 1–2 billing cycles.
How accurate is this simulator?
This simulator provides estimates based on general FICO scoring models. Actual score changes vary by credit bureau, scoring model version, and your complete credit profile. Use it as a helpful guide, not a guarantee.