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  • Learn why your credit score is what it is
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A Deeper Dive into Credit Scores

A Deeper Dive into Credit Scores

Your credit score, a number ranging anywhere from 300 to 850, represents your perceived credit status. Calculated by proprietary formulas (the most popular being FICO and Vantage), your credit score shows a lender how likely you may be to pay back your loan. This is what banks, private lenders, and insurance companies often use to determine interest rates, payment terms, and the amount you can borrow.

  • Poor


  • Fair


  • Good


  • Very Good


  • Excellent


Your credit score is based on your financial history, including any late payments, age of credit accounts, past due accounts, the number of loans outstanding, and other similar factors. The higher your credit score is, the more trustworthy you look. Other entities, such as your landlord, utility companies, employers, and even the government, might use it to decide whether to enter an agreement with you.

Monitor Your Credit Score

Monitor Your Credit Score

Securely access your free credit report from Experian, one of the “big three” national credit bureaus. Your personal information will be protected and remain private at all times.

As you browse the report, you will see a breakdown of the factors that influence your score. Not every factor used to calculate your credit score weighs the same. Some are more impactful than others. ThinkWallet can help you learn the ropes of your financial well-being so you can make better decisions.

Check My Credit Score

Take It One Step Further with ThinkWallet

Contrary to popular belief, checking your credit score frequently does not negatively affect it. Quite the opposite, in fact, monitoring your credit score can help you learn how to improve it, as well as alert you of possible financial frauds or identity thefts you may be a victim of.

Monitoring your credit score is the first step toward rebuilding it. A few other ways to improve your score include:

  • Pay your bills on time
  • Keep the credit percentage you owe as small as possible (best under 30%)
  • Don’t close old credit accounts down
  • Don’t apply for multiple loans at once (though do keep a mix of loans over the years that you pay on time)
  • Avoid too many hard inquiries from lenders or creditor

Improving your credit score may take months, but learning where you stand is the first step in that direction. Start today. Sign up for a free account and review your current credit status.