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Once you get above a certain age, you start hearing about a magical thing called a credit score. You hear that everybody has one and that you need to do everything you can to bolster it. You hear that there are things you can do to hurt your credit score and that once you’ve messed up your credit score it will take a long time for it to recover.
Unfortunately, amidst all of these vague references and warnings, there are very few real explanations of what a credit score actually is and what it has to do with your life. Let’s take a look at the basics so that you’ll have a better understanding going forward.
1. Your Credit Report and Your Credit Score are Similar, but Not the Same
Your credit score is a single number that is a reflection of all of the factors contained in your credit report. Think of it like when you were in school: your final grade in a class may have been a B+, but your teacher had a file that reflected attendance, your scores on quizzes, tests and book reports, your class participation and any extra credit you may have done. Your credit score is like your grade, and your credit report is like that list of inputs that the teacher recorded throughout the semester.
While your credit report details all of the credit cards you hold and how quickly or slowly you pay those and your other debt accounts how many applications for loans or credit cards you completed, as well as any bankruptcies, judgements or liens against you, your credit score is a calculation whose inputs weigh all of those factors. All of the recording and calculations are done by three credit bureaus, and each positive or negative input (such as paying your bills on time or, conversely, paying them late) will make your score go up or down.
2. The Five Core Factors That Determine Your Credit Score
If you want to have a solid credit score, it helps to know the five financial actions that impact it. They are:
In addition to requesting your credit score, there are many credit cards that offer their clients free access to their FICO scores as a customer benefit. The website Credit.com also provides this information at no charge.
4. Inquiring About Your Credit Score Won’t Hurt It
As referenced above, when a potential lender does a hard pull on your credit history, it can reduce your score, but that is not true of your own inquiries. If you want to check your credit score you can do so without it showing up as an inquiry on your credit report or affecting your score. It’s also useful to remember that even if you have had a potential creditor do a hard pull on your credit, the depleting effect is temporary.
5. Understand the Different Scores and Ranges That May Be Applied
When you get your credit score, it is important to understand what it means, and that starts with knowing that the different credit bureaus don’t have the exact same scoring numbers or ranges. The number you see for Experian will mean something different from the score for Equifax, and there is also a newer score called the VantageScore which varies even more. Here are the ranges that are available from each credit bureau:
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