Score Planner - Credit Score Assessment
Credit Score Factors
Please answer the credit assessment questions below. This will provide the Score Planner tool with your general credit history. Based on the credit history you provided, Score Planner will give you:
- An estimated Credit Score with no obligations
- The opportunity to learn how changes to your Credit Report can change your Credit Score
- Understanding where your finances need to be to hit your credit goal
If you don't have a copy of your credit report readily available, you can obtain your credit report at no charge once per year at annualcreditreport.com.
When you use Score Planner, you have the ability to see how your financial decisions affect your Credit Score by using the sliders. Slide each slider to the left or right to see what positively or negatively affects your estimated Credit Score. This will give you a better understanding on how you can set your goals to improve your Credit Score.
The Score Planner estimated Score is calculated based on the data you input into the tool, your actual Score is calculated by a variety of different factors within your Credit Report. Factors like: payment history, open credit dates, account balances, bankruptcies, tax liens, and inquiries. Each one of these factors can affect your Credit Score differently. Be sure you check your Credit Report regularly for potential inaccuracies and fraud.
The PLUS Score, with scores ranging from 330 to 830, is a user-friendly credit score model developed by Experian to help you see and understand how lenders view your credit worthiness. It is not used by lenders, but it is indicative of your overall credit risk. Higher scores represent a greater likelihood that you'll pay back your debts so you are viewed as being a lower credit risk to lenders. A lower score indicates to lenders that you may be a higher credit risk.
There are three different major credit reporting agencies, Experian, TransUnion, and Equifax that maintain a record of your credit history known as your credit file. Your Credit Score is based on the information in your credit file at the time it is requested. Your credit file information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your credit score can vary if the information they have on file for you is different. And since the information in your file can change over time, your Credit Score may be different from day-to-day.
Lenders and insurers use several different credit scoring models so don't be surprised if your lender gives you a score that's different from the PLUS Score you receive online. Just remember that your associated risk level is generally the same even if the number is not. If the lender's score is lower than your online score, it is possible that this difference can lead to higher interest rates and sometimes credit denial.