Financial Credit Score
What's Your Credit Score?
Do you know your credit score? Credit affects more aspects of your life than you may realize -- the ability to buy a home or car, get a credit card, rent an apartment, or even get a job can be affected by your credit score.
A credit score is a statistical number that evaluates a consumer’s credit worthiness and is based on credit history. Lenders use credit scores to evaluate the probability that an individual will repay their debts. The higher the score, the more financially trustworthy the person is considered to be.
The three main credit bureaus: Equifax Links to an external site., Experian, Links to an external site. and TransUnion Links to an external site. create your credit reports, which then determine a score that typically ranges from 300-85.
What Goes Into A Credit Score?
- Payment history: (35 percent) — Your account payment information, including any delinquencies and public records.
- Amounts owed: (30 percent) — How much you owe on your accounts. The amount of available credit you’re using on revolving accounts is heavily weighted.
- Length of credit history: (15 percent) — How long ago you opened accounts and time since account activity.
- Types of credit used: (10 percent) — The mix of accounts you have, such as revolving and installment.
Why do I Need To Have A Better Credit Score?
You’ll get a better interest rate on your car and home - and that can save you $10,000’s! And, in fact, if you have a low credit score, you may not even be eligible for a loan! You’ll be eligible for credit cards - and you’ll get credit cards with the best offers (cash back and miles). Your credit score affects how much you pay on your car insurance and job offers can be dependent on your credit score.
How Can I Check My Credit Score? Is It Free?
Various websites provide access to your credit score. Many credit cards provide access to your credit score for free. MyFICO.com Links to an external site. is another option. CreditKarma.com Links to an external site. is 100% free and includes free identity monitoring.
Is It True That It Hurts My Score When I Check It?
No. “Hard pulls” such as applying for a new loan or multiple credit cards can affect your score. “Soft pulls” such as checking your credit score on CreditKarma do not effect your score.
It Is Possible That I Don’t Have A Credit Score?
If you’re new to credit, new to the U.S. or have few open credit accounts, you may not have a credit score. It can take a little while, but with consistent, responsible credit use (paying on time for utilities, cable, cell phone, department store card bills, etc.) you’ll build your credit history and soon you’ll see a score.
What Are You Waiting For? Let’s Check Today!!
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