Your credit score is a three-digit number that is computed and tracked by the three major credit bureaus. The number is based on your credit history. It is important because lenders, employers, and prospective landlords typically access your credit score before approving you for loans, credit cards, jobs, and apartments.
There are two main scales for credit scores: FICO, which ranges from 300 to 850, and Vantage which ranges from 501 to 990. In the table below, using the FICO range, see how your credit score might impact your financial opportunities and life.
There is a lot of data that goes into determining your credit score, but here are four things that you should consider:
If you do all of these things, you should expect to have and maintain at least a good credit score.
Credit scores influence many things:
You are entitled under federal law to at least one free credit report per year from each of the major credit bureaus. You should check your credit report at least every few months in order to make sure you know where you stand and to catch any fraudulent charges. Since there are three credit agencies and you get 1 free per bureau, you should alternate which one you use.
There are also online services that you can use to keep track of your credit score. Here are a few:
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