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What Is Your Credit Score?


Your credit score is the financial element that gives you the most help with your loans. The more effort you make for your credit score, the more help you will receive in return. A credit score is a 3-digit number that reflects exactly how responsible you are when making your payments and shows your credit risk.

The first thing you should know about this is that you don’t have a single credit score. There are 3 main credit reference agencies that determine your credit scores and monitor your credit usage. These agencies; Experian, Equifax and TransUnion. Each credit reference agency has a separate credit scoring system in itself, and the elements they consider when calculating the credit score differ, although they are generally the same. In addition, the information you receive from each credit reference agency is different. For these reasons, you have different credit reports and credit scores.

Second, what you need to know is what your credit score includes. There are many factors that make up and influence the credit score. You need to know these factors to increase and manage your credit score well. Your credit score includes;

  • Payment history;

This is the factor that most influences and constitutes the credit score. 35% of your credit score is based on your payment history. You can increase your credit score by making your payments in full and on time. In the event of a missing or late payment, your credit score is greatly reduced. Especially when you pay late and this process has passed after 30 days, there will be a serious drop in your credit score. In addition, this payment issue will remain in your credit reports for 7 years and will not be deleted. Therefore, it is very important to be careful about payments.

  • Credit utilization rate;

This percentage, which indicates what percentage of your total credit balance you are using, should be at most 30%. If you want to have an excellent credit score, your credit usage rate should be below 10%. Another thing you should know about the loan utilization rate is; This is the calculation of this rate for both general and for each credit or credit card. Even if your overall credit utilization rate is 30%, your credit score will decrease if the rate of a credit you use exceeds 30%. In such a case, you will have to pay a portion of your credit before the new payment period arrives, so that your credit score is restored.

  • Length of credit history;

Another factor used in calculating your credit score is the length of your credit history. The longer your credit history increases, the higher your credit score. For this reason, the credit points of the new credit score earners will be slightly lower, despite the full payment. The length of your credit history affects your credit score by 15%. Usually the average age of people with excellent credit score is large. The reason for this is this factor.

  • Hard credit inquiries;

It is a factor that reduces your credit score. If you apply for a new credit or credit card, you will face a hard credit inquiry. If you make a hard credit query one after the other, your credit score will drop much more. Therefore, you must be prepared before applying for a loan. Apply for credits that you are sure will be accepted. There are also soft credit inquiries. Soft credit inquiries do not affect your credit score. A soft credit query occurs when you, your company, or the agency in question question your credit score. Therefore, you must select the lenders you have worked with before to apply for a new loan. Hard credit inquiries will be deleted 2 years after the credit report, but you can upgrade your credit score before 2 years because credit reference agencies take into account annual data when calculating credit scores.

  • Credit Mix;

Individuals who make uniform payments for lenders are those who carry credit risk. People who use multiple types of loans together and manage their payments well are more likely to give loans. Creating credit risk is a dislike for lenders. For this reason, you must make a credit mix so that your credit score does not fall.

How do you get your credit score?

It is confusing for individuals to have more than one credit score. For this reason, they must learn their credit scores from 3 credit reference agencies. There is one thing you should know before you learn how to get your credit score; There are also types of credit points. The most preferred type of credit points by lenders is FICO. Although not as effective as FICO, the second most used credit score type is VantageScore. When you take your credit score, you should also pay attention to the type of points you receive.

There are different ways to get your credit score. These methods are;

  • Credit reference agencies (Experian,TransUnion and Equifax),
  • Credit Card,
  • Loan provider companies,
  • Credit Carma,
  • Credit Sesame,
  • Qizzle,

What is your range of credit points according to 3 credit reference agencies?

The credit score range of each credit reference institution is different. Because they use the information they have when calculating your credit score, and not every lender gives the information about you to 3 credit reference agencies.

  • Your credit score for Experian;

According to the Experian credit reference agency, the highest credit score you can have is 999. Very poor: 0-560, Poor: 561-720, Fair: 721-880, Good 881-960, Excellent: 961-999.

  • Your credit score for Equifax;

According to the Equifax credit reference agency, the highest credit score you can have is 700 Very poor: 0-278, Poor: 279-366, Fair: 367-419, Good 420-466, Excellent: 467-700.

  • Your credit score for TransUnion;

According to the TransUnion credit reference agency, the highest credit score you can have is 710. Very poor: 0-550, Poor: 551-565, Fair: 566-603, Good 604-627, Excellent: 628-710.

Don’t forget to compare your credit score with the credit reports after you get it from 3 credit reference institutions. If your credit report is incomplete or incorrect, your credit score will decrease.


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