A credit score is a number that is analyzed depending on an individual’s credit files. The credit score represents the creditworthiness of an individual.
Here are some more facts about credit score that you must know:
Fact 1: 5 Factors Impact Your Credit Score
If you’re trying to improve or maintain your credit score, you must know these 5 factors that impact your credit score:
- Credit inquiries (10%)
- Account balances (30%)
- Credit history length (15%)
- Payment history (35%)
- Types of credit (10%)
Fact 2: You Can Get Your Scores & Reports for Free
You’re can get a free copy of your credit report from three different credit reporting agencies: Equifax, Experian, and TransUnion.
Fact 3: Credit Score Ranges From 300 – 850
According to FICO and VantageScore, credit score ranges from 300 to 850. Good (690 and up) or excellent (720 and up) scores give you better choices and save money.
- 300-629: Bad credit
- 630-689: Fair credit
- 690-719: Good credit
- 720 and up: Excellent credit
Fact 4: Your Credit Scores Won’t Get Merge with Your Spouse’s Credit Post Marriage
You’ve joint accounts doesn’t mean that your credit score will merge with the spouse. Your credit score history will remain independent from your partner.
Fact 5: Improving Your Score Isn’t Impossible
People who’ve filed for bankruptcy or have had their possessions repossessed may think that their credit score can’t improve. However, it’s not true. With proper measures and careful practice, they can improve and maintain their credit scores. But once credit score improves, it’s better for everyone to learn from their mistakes and start working towards healthy financial wellbeing.
Fact 6: It’s possible for you to have no credit score
According to Credit Financial Protection Bureau, “1 out of 10 Americans are credit-invisible.” There are chances that you might fall in this stats. If it happens to you, you can consult the best lender in Stillwater MN. They can help you build your credit history to get on the radar.
Want more information about credit score? Get in touch with Stillwater MN Banks consultants!
Bayport Banks 