This calculator helps you estimate your potential credit rate based on key financial factors. Understanding your credit rate is crucial for obtaining favorable terms on loans, credit cards, and other financial products. A lower credit rate generally indicates a lower risk to lenders, which can translate into lower interest rates and better terms for you.
.calculator-container {
font-family: 'Arial', sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ddd;
border-radius: 8px;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.calculator-container p {
text-align: justify;
color: #555;
line-height: 1.6;
margin-bottom: 30px;
}
.inputs {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(200px, 1fr));
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.input-group input {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 1rem;
}
button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 5px;
font-size: 1.1rem;
cursor: pointer;
transition: background-color 0.3s ease;
}
button:hover {
background-color: #0056b3;
}
.result-container {
margin-top: 25px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #ced4da;
border-radius: 5px;
text-align: center;
font-size: 1.2rem;
font-weight: bold;
color: #007bff;
}
function calculateCreditRate() {
var creditScore = parseFloat(document.getElementById("creditScore").value);
var income = parseFloat(document.getElementById("income").value);
var debtToIncomeRatio = parseFloat(document.getElementById("debtToIncomeRatio").value);
var loanAmount = parseFloat(document.getElementById("loanAmount").value);
var loanTermMonths = parseFloat(document.getElementById("loanTermMonths").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
// Input validation
if (isNaN(creditScore) || creditScore 850) {
resultDiv.innerHTML = "Please enter a valid credit score (1-850).";
return;
}
if (isNaN(income) || income <= 0) {
resultDiv.innerHTML = "Please enter a valid annual income.";
return;
}
if (isNaN(debtToIncomeRatio) || debtToIncomeRatio 100) {
resultDiv.innerHTML = "Please enter a valid Debt-to-Income Ratio (0-100%).";
return;
}
if (isNaN(loanAmount) || loanAmount <= 0) {
resultDiv.innerHTML = "Please enter a valid loan amount.";
return;
}
if (isNaN(loanTermMonths) || loanTermMonths = 800) {
creditRateScore += 50;
} else if (creditScore >= 750) {
creditRateScore += 40;
} else if (creditScore >= 700) {
creditRateScore += 30;
} else if (creditScore >= 650) {
creditRateScore += 20;
} else {
creditRateScore += 10;
}
// Factor 2: Income
if (income >= 100000) {
creditRateScore += 20;
} else if (income >= 60000) {
creditRateScore += 15;
} else if (income >= 40000) {
creditRateScore += 10;
} else {
creditRateScore += 5;
}
// Factor 3: Debt-to-Income Ratio (Lower is better)
if (debtToIncomeRatio <= 20) {
creditRateScore += 20;
} else if (debtToIncomeRatio <= 36) {
creditRateScore += 15;
} else if (debtToIncomeRatio <= 43) {
creditRateScore += 10;
} else {
creditRateScore += 5;
}
// Factor 4: Loan Amount in relation to Income (Higher ratio can be riskier)
var loanToIncomeRatio = (loanAmount / income) * 100;
if (loanToIncomeRatio <= 25) {
creditRateScore += 10;
} else if (loanToIncomeRatio <= 50) {
creditRateScore += 7;
} else if (loanToIncomeRatio <= 75) {
creditRateScore += 4;
} else {
creditRateScore += 2;
}
// Factor 5: Loan Term (Shorter terms can be less risky for lender)
if (loanTermMonths <= 24) {
creditRateScore += 10;
} else if (loanTermMonths <= 48) {
creditRateScore += 7;
} else if (loanTermMonths = 90) {
creditRateCategory = "Excellent";
estimatedRate = 3.5; // Hypothetical APR
} else if (creditRateScore >= 75) {
creditRateCategory = "Very Good";
estimatedRate = 5.0; // Hypothetical APR
} else if (creditRateScore >= 60) {
creditRateCategory = "Good";
estimatedRate = 7.0; // Hypothetical APR
} else if (creditRateScore >= 45) {
creditRateCategory = "Fair";
estimatedRate = 10.0; // Hypothetical APR
} else {
creditRateCategory = "Poor";
estimatedRate = 15.0; // Hypothetical APR
}
resultDiv.innerHTML = "Estimated Credit Rate Category: " + creditRateCategory + "";
resultDiv.innerHTML += "Based on your inputs, your estimated credit rate category is " + creditRateCategory + ". This suggests a potential for favorable loan terms. ";
resultDiv.innerHTML += "Note: This is a simplified estimation. Actual rates may vary and depend on the lender's specific criteria. Your estimated APR might be around " + estimatedRate + "%.";
}