What is your credit score about?
A credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors.
What is a good credit score to be at?
670 to 739
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What are the 5 parts of your credit score?
Top 5 Credit Score Factors
- Payment history. Payment history is the most important ingredient in credit scoring, and even one missed payment can have a negative impact on your score.
- Amounts owed.
- Credit history length.
- Credit mix.
- New credit.
What things ruin your credit score?
Missing a card or loan payment. Payment history accounts for 35 percent of your FICO score.
Is 913 a good credit score?
A credit score of 721-880 is considered fair. A score of 881-960 is considered good. A credit score of 566-603 is considered fair. A credit score of 604-627 is good.
Is 808 a good credit score?
Your 808 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
What is a bad credit score?
The VantageScore credit scoring model also has a range between 300 to 850. However, according to this model, a credit score below 661 isn’t good. Scores between 601 to 660 are considered fair. Anything below that range is considered poor or bad (500 to 600) or very poor (300 to 499).
What has the most impact on credit score?
Payment History
Payment History Is the Most Important Factor of Your Credit Score. Payment history accounts for 35% of your FICO® Score. Four other factors that go into your credit score calculation make up the remaining 65%.
Does your credit score go away?
Credit scores can drop due to a variety of reasons, including late or missed payments, changes to your credit utilization rate, a change in your credit mix, closing older accounts (which may shorten your length of credit history overall), or applying for new credit accounts.
How long does it take to get a 900 credit score?
It will take about six months of credit activity to establish enough history for a FICO credit score, which is used in 90% of lending decisions. 1 FICO credit scores range from 300 to 850, and a score of over 700 is considered a good credit score. Scores over 800 are considered excellent.
Why should I worry about my credit score?
Checking your credit score can give you an indication as to whether your credit report is accurate. If your credit score is lower than you expect, it could be a sign that your credit report contains errors that need to be disputed with the credit bureaus. You won’t be surprised at the outcome of your applications.
How does your credit score affect you?
A bad credit score will directly affect the likelihood of you securing approval for a credit application or a new loan. The lower your credit score is, the chances of you finding a willing lender are also low.
What do your credit scores say about you?
Discipline. Your credit score can indicate your level of discipline,at least in the eyes of others.
What do you need to know about credit scores?
10 Things You Must Know About Your Credit Score You have to use credit to have a good score. There are many different credit scores. People commonly think they have a single credit score. Credit scores serve a specific purpose. Credit applications can drop a score. Checking your score won’t affect it. You should check your score regularly. Credit score access is becoming standard practice.