Credit Score Report and Information

What You Need to Know about Your Credit Score

Your credit score is vitally important. You are probably aware that your credit score is important, but you may be confused what it actually does and how it can affect you. Use Bills.com to learn about your credit score and how it can help and hurt you.

One important thing your credit score does is to help your creditors determine their risk if they choose to lend you money or extend you credit. You have a credit score assigned to you by each of the three main credit bureaus: Equifax, Experian, and TransUnion. Even though all three are using essentially the same information, you will likely see a difference in your scores between the three bureaus. This shows you that credit scoring is as much an art as it is a science.

Don’t forget that your credit score is fluid. Your credit score changes based on the information reported about your financial transactions, information that is reported each month. Knowing what factors the bureaus use to determine your credit score can give you the tools to improve your scores. Credit bureaus weigh factors such as: Your payment history (did you pay on time?); how long have you had accounts opened, how much of the credit line granted to you are you using, what kind of credit accounts do you have, and how many accounts have you opened recently.

Use Bills.com to learn more about getting a free credit report, improving your credit score, and other valuable information about credit scores.

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Credit Score Questions
  • What is a Good Score?
    The higher your credit score, the better; however, there is no real industry standard. Credit scores range from 350-850. Each creditor/lender judges your credit score differently and takes other factors into consideration when determining your eligibility and/or risk. Typically, anything above 690 is considered a great score. Below a 620 is frequently referred to as “sub-prime.”
  • How often do Credit Scores Change?
    Your credit score is fluid; it changes as your credit information changes. Anytime new information is added to your credit report, your credit score can change. The credit reporting agencies (Transunion, Equifax, Experian) usually update their credit data every 90 days.
  • I have a Number of Credit Cards. Will that Affect my Credit Score?
    Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable.
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