function calculateCreditScore() {
var onTimePayments = parseFloat(document.getElementById('onTimePayments').value);
var latePayments = parseFloat(document.getElementById('latePayments').value);
var totalCreditLimit = parseFloat(document.getElementById('totalCreditLimit').value);
var totalCreditUsed = parseFloat(document.getElementById('totalCreditUsed').value);
var oldestAccountAge = parseFloat(document.getElementById('oldestAccountAge').value);
var averageAccountAge = parseFloat(document.getElementById('averageAccountAge').value);
var revolvingAccounts = parseFloat(document.getElementById('revolvingAccounts').value);
var installmentAccounts = parseFloat(document.getElementById('installmentAccounts').value);
var recentInquiries = parseFloat(document.getElementById('recentInquiries').value);
var newAccountsOpened = parseFloat(document.getElementById('newAccountsOpened').value);
// Input validation
if (isNaN(onTimePayments) || isNaN(latePayments) || isNaN(totalCreditLimit) || isNaN(totalCreditUsed) ||
isNaN(oldestAccountAge) || isNaN(averageAccountAge) || isNaN(revolvingAccounts) ||
isNaN(installmentAccounts) || isNaN(recentInquiries) || isNaN(newAccountsOpened) ||
onTimePayments < 0 || latePayments < 0 || totalCreditLimit < 0 || totalCreditUsed < 0 ||
oldestAccountAge < 0 || averageAccountAge < 0 || revolvingAccounts < 0 ||
installmentAccounts < 0 || recentInquiries < 0 || newAccountsOpened totalCreditLimit && totalCreditLimit > 0) {
totalCreditUsed = totalCreditLimit; // Cap used at limit for realistic utilization
}
// Simplified FICO-like weighting percentages (approximate)
var paymentHistoryWeight = 0.35;
var amountsOwedWeight = 0.30;
var lengthOfCreditHistoryWeight = 0.15;
var creditMixWeight = 0.10;
var newCreditWeight = 0.10;
var baseScore = 300; // Minimum possible score
// 1. Payment History (35%)
var paymentHistoryScore = 0;
var totalPaymentsConsidered = onTimePayments + latePayments;
if (totalPaymentsConsidered > 0) {
var onTimeRatio = onTimePayments / totalPaymentsConsidered;
paymentHistoryScore = onTimeRatio * (350 – (latePayments * 20)); // Max 350 points, deductions for late payments
if (paymentHistoryScore 0) {
utilizationRatio = totalCreditUsed / totalCreditLimit;
}
var amountsOwedScore = 0;
if (utilizationRatio <= 0.10) {
amountsOwedScore = 300; // Excellent utilization
} else if (utilizationRatio <= 0.30) {
amountsOwedScore = 250; // Very good
} else if (utilizationRatio <= 0.50) {
amountsOwedScore = 150; // Good
} else if (utilizationRatio = 15 && averageAccountAge >= 7) {
historyScore = 150; // Excellent
} else if (oldestAccountAge >= 10 && averageAccountAge >= 5) {
historyScore = 100; // Very good
} else if (oldestAccountAge >= 5 && averageAccountAge >= 3) {
historyScore = 50; // Good
} else {
historyScore = 0; // Limited history
}
// 4. Credit Mix (10%)
var mixScore = 0;
if (revolvingAccounts >= 2 && installmentAccounts >= 1) {
mixScore = 100; // Good mix
} else if (revolvingAccounts >= 1 || installmentAccounts >= 1) {
mixScore = 50; // Some mix
} else {
mixScore = 0; // No mix or very limited
}
// 5. New Credit (10%)
var newCreditScore = 100; // Start with max points
newCreditScore -= (recentInquiries * 20); // Deduct for each inquiry
newCreditScore -= (newAccountsOpened * 15); // Deduct for new accounts
if (newCreditScore < 0) newCreditScore = 0;
// Combine scores with weights to get a total score on a 300-850 scale
// Normalize individual scores to their weighted contribution
var finalScore = baseScore +
(paymentHistoryScore * (paymentHistoryWeight / 350)) * 550 + // 350 is max for payment history
(amountsOwedScore * (amountsOwedWeight / 300)) * 550 + // 300 is max for amounts owed
(historyScore * (lengthOfCreditHistoryWeight / 150)) * 550 + // 150 is max for history
(mixScore * (creditMixWeight / 100)) * 550 + // 100 is max for mix
(newCreditScore * (newCreditWeight / 100)) * 550; // 100 is max for new credit
// Adjust final score to be within 300-850 range
finalScore = Math.round(finalScore);
if (finalScore 850) finalScore = 850;
var category = ";
if (finalScore >= 800) {
category = 'Exceptional';
} else if (finalScore >= 740) {
category = 'Very Good';
} else if (finalScore >= 670) {
category = 'Good';
} else if (finalScore >= 580) {
category = 'Fair';
} else {
category = 'Poor';
}
document.getElementById('creditScoreResult').innerText = finalScore;
document.getElementById('scoreCategory').innerText = 'Category: ' + category;
}
.calculator-container {
font-family: 'Arial', sans-serif;
background-color: #f9f9f9;
padding: 20px;
border-radius: 8px;
box-shadow: 0 2px 10px rgba(0, 0, 0, 0.1);
max-width: 600px;
margin: 20px auto;
border: 1px solid #ddd;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
font-size: 1.8em;
}
.calculator-content {
display: grid;
grid-template-columns: 1fr;
gap: 15px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
color: #555;
font-size: 0.95em;
}
.input-group input[type="number"] {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1em;
width: 100%;
box-sizing: border-box;
}
.calculate-button {
background-color: #007bff;
color: white;
padding: 12px 20px;
border: none;
border-radius: 4px;
font-size: 1.1em;
cursor: pointer;
transition: background-color 0.3s ease;
width: 100%;
margin-top: 10px;
}
.calculate-button:hover {
background-color: #0056b3;
}
.result-area {
background-color: #e9f7ef;
border: 1px solid #d4edda;
padding: 15px;
border-radius: 8px;
margin-top: 20px;
text-align: center;
}
.result-area h3 {
color: #28a745;
margin-top: 0;
font-size: 1.4em;
}
.result-area p {
color: #333;
font-size: 1.2em;
margin: 5px 0;
}
@media (min-width: 480px) {
.calculator-content {
grid-template-columns: 1fr 1fr;
}
.calculate-button {
grid-column: 1 / -1;
}
.result-area {
grid-column: 1 / -1;
}
}
Understanding Your Credit Score: A Simplified Algorithm Explanation
Your credit score is a three-digit number that lenders use to assess your creditworthiness. It's a critical factor in determining whether you'll be approved for loans, credit cards, mortgages, and even rental agreements, as well as the interest rates you'll receive. While the exact algorithms used by major credit scoring models like FICO and VantageScore are proprietary, they generally weigh several key factors to arrive at your score.
How Credit Scores Are Generally Calculated (Simplified Model)
Our simplified estimator above uses a model that reflects the general importance of different credit factors. Here's a breakdown of the main components:
1. Payment History (Approx. 35% of your score)
This is the most influential factor. Lenders want to see a consistent track record of paying your bills on time. Late payments, especially 30, 60, or 90+ days past due, can significantly harm your score. Bankruptcies, foreclosures, and collections also fall into this category and have a severe negative impact.
On-Time Payments: A higher number of on-time payments demonstrates reliability.
Late Payments: Even a single late payment can cause a score drop, with more recent and severe delinquencies having a greater effect.
2. Amounts Owed (Credit Utilization) (Approx. 30% of your score)
This factor looks at how much credit you're using compared to your total available credit. It's often referred to as your "credit utilization ratio." A low utilization ratio indicates that you're not over-reliant on credit and can manage your debts responsibly.
Total Credit Limit: The sum of all your credit limits across all revolving accounts (e.g., credit cards).
Total Credit Used: The total outstanding balance across all your revolving accounts.
Ideal Utilization: Keeping your utilization below 30% is generally recommended, with under 10% being excellent.
3. Length of Credit History (Approx. 15% of your score)
A longer credit history generally leads to a higher score because it provides more data for lenders to assess your payment behavior over time. This factor considers the age of your oldest account and the average age of all your accounts.
Oldest Account Age: The number of years since your oldest credit account was opened.
Average Account Age: The average age of all your open credit accounts.
4. Credit Mix (Approx. 10% of your score)
Having a healthy mix of different types of credit accounts (e.g., revolving credit like credit cards and installment loans like mortgages or auto loans) can positively impact your score. It shows you can manage various forms of credit responsibly.
Revolving Accounts: Credit cards, lines of credit.
Installment Accounts: Mortgages, auto loans, student loans.
5. New Credit (Approx. 10% of your score)
Opening too many new credit accounts in a short period can be seen as risky behavior by lenders. Each time you apply for credit, a "hard inquiry" is typically placed on your report, which can temporarily lower your score. New accounts also reduce the average age of your credit history.
Hard Inquiries: Applications for new credit that result in a credit check.
New Accounts Opened: The number of new credit accounts you've recently acquired.
Credit Score Ranges
While scores vary by model, here's a general idea of what different ranges typically mean:
800-850: Exceptional – You're a very low-risk borrower.
740-799: Very Good – You're a low-risk borrower and likely to get favorable terms.
670-739: Good – You're an acceptable borrower, but may not get the absolute best rates.
580-669: Fair – You may struggle to get approved for some credit products or will pay higher interest rates.
300-579: Poor – You're considered a high-risk borrower, and getting approved for credit will be challenging.
Remember, this calculator provides a simplified estimate. Your actual credit score from a credit bureau may differ based on the specific scoring model used and the complete details of your credit report.