Reaching a Good Credit Score,
Understanding your Credit Report,
Tracking your credit history
Frequently Asked Questions:
How do I find out if I have good credit?
If you do to know your score or are unsure. Here is our top pick to receive your credit reports and scores from all 3 credit bureaus in one place. Enjoy monthly credit report notifications on changes to your credit score and credit report.
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Why do I need a 3 bureau credit report?
Three-bureau credit monitoring alerts via you email, of changes on credit reports from all three credit bureaus — Experian, Equifax and TransUnion.
Why is a credit score important?
Credit scores range from 300-850 points and are based on your payment history and your ability to repay your debts on time. Your credit score helps lenders decide how likely you are to repay your debts.
What is a bad credit score?
A credit score below 670 is considered bad. More specifically, a score between 580 - 669 is considered to be a fair score and a score between 300 - 579 is considered to be poor.
What hurts your credit score the most?
As you learn how to read and understand your credit report you will learn that all of the following hurt your credit score:
Late payments/ Missed payments
Credit report errors
Maxing out on a credit card
Applying for too many loans in a short period of time
Collections and charge offs
Using only one type of credit card
Not having a credit card
Does my income affect my credit score?
No. Credit reporters do not have access to your income so it is not factored into your credit score. Your credit score takes into account how you manage money not how much you make.
Is it bad to check your credit score?
No. As you learn how to read and understand your credit report you will learn that it is not bad to check your credit score as long as you check your credit score. If you have a lender check your score prior to a car loan for example, your score will decrease by a few points.
What is the best credit score to buy a house?
Depending on the type of loan you are going for, the answer varies. If you are getting into a conventional loan, you should aim at having at least a credit score of 620. If you are aiming at getting a FHA, USDA or a VA loan, you may qualify with an even lower score. But, to get the best interest rates on your mortgage you should have a score of 720 or higher.