Your Credit Score
What Contributes To A Good Credit Score?
For the 300 to 850 scoring range, a score of 700 or above is considered good credit. If your credit score is over 800, it’s considered excellent. For most people, the score lies between 600 and 750.
The US average FICO score was 710 in 2020, which was a seven-point increase from 2019.
Although these scores are generally considered good, creditors can also have their own standard definition of good credit.
Factors That Affect Your Credit Score
The factors that contribute to your credit score are divided into five categories.
- Payment History: If you have a credit card or a mortgage, making regular payments contributes to a good credit score. On the contrary, if you miss payments, the act could hurt your credit.
- Credit History Length: The category covers the age of your different credit accounts. It also includes your most recent and oldest accounts’ ages.
- Credit usage: The category involves the balance in your accounts. Plus, it includes the amount you owe in debt.
- Account Types: The category is also known as ‘credit mix,’ and it determines if you’re managing revolving (like credit cards) and installment accounts (like personal loans or an auto loan). If you’re managing both types of accounts well, it reflects positively on your credit.
- Recent Activity: If you’ve recently opened an account or applied for one, it will affect your credit.
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How To Check Your Credit Score
The Red Pole Credit Repair Locals Trust On
A credit reporting bureau is an organization keeping information about an individual or business’s credit.
These agencies get the information from lenders and compile them into credit reports that also have credit scores upon issuance. The three leading credit reporting agencies in the US are:
Apart from these companies, there are other credit bureaus as well. They all partner with companies in the country to receive credit data about the customers.
Getting Your Free Credit Report
As a US citizen, you are entitled to getting free credit reports from the three aforementioned credit agencies. You can either get one report or request for all three of them.
Here are some ways to check your credit score:
- Online: You can visit the website mentioned above to see your credit report.
- Phone: Call 1-877-322-8228 to get your credit report.
- Mail: After filling the Annual Credit Report Request Form, send it to:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
If your request gets denied, contact the CRA. They’ll tell you the reason and explain what you need to do to get your free credit report. If the CRA is unable to help, get in touch with the Consumer Financial Protection Bureau.
To receive professional help with improving your credit score, get in touch with one of our friendly credit repair specialists!