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credit journey step one
YOU ARE YOUR CREDIT SCORE
Your credit score is an all-encompassing portfolio of your financial situation, and it is used by banks to get a good understanding of who you are - financially.
Knowing & managing your score can have a great impact on your day to day life - for real.
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If you are financially responsible and you don't have a travel credit card, then simply put, you're' missing out.
know ur
score,
babe
Credit breakdown
Credit Scores
350-550
550-620
620-680
680-740
740-850
Poor
Subprime
Acceptable
Good
Excellent
What makes up a credit score?
Payment History
Do you pay your accounts on time? Late payments can have a negative impact on your score.
Hard Inquiries
Try to keep credit inquiries to a minimum. 1-2 every two years is best.
Length of Credit History
Keep your credit card accounts open. The longer your accounts are established, the better.
Types of Credit
Having different types of credit (ie.auto, credit card, student loans) accounts can help improve your score.
Amounts Owed
Keep your balances low by using less than 10% of your available credit. Set up payments on any existing debts or collections.
Credit Score Facts
90% of Lenders use FICO to determine whether or not to accept credit applications.
FICO Scores are calculated based only on information in a consumer's credit report maintained by the 3 major credit bureaus, Experian, Equifax and TransUnion.
While hard inquiries do affect your score, checking your credit score will not hurt it.
A low credit score can cost you hundreds of thousands of dollars over your lifetime!
Understanding Inquiries
Soft Inquiry​
Has NO impact on your credit score. This is a soft-pull of your credit to see if you pre-qualify for:
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Credit Card Offers
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Insurance Quotes
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Employment Verification
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Background Checks
Hard Inquiry​
For every hard inquiry, your application may take a temporary ding to your credit score. Hard Inquiry applications include:
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Mortgage
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Auto loan
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Credit card
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Student loan
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Personal loan
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Apartment rental
What even is your Score?
So you need to know your score, Great!
Here are your options:
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Every year you get a detailed report from AnnualCreditReport.com
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For daily access, go to the reputable site CreditKarma.com Here you can see your updated score and make sure you are managing your credit regularly, as you should be!
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If you have a credit card, you usually will have access to a credit reporting agency directly through your banking app, check it out!
All of these options will
have no impact to your score
Quick Credit Boosters
Remember that everything takes time, and Rome wasn't built in a day. But here are a couple steps you can take to boost your credit score within a reasonable timeframe (i.e. a couple months).
Pay off any existing credit card debt
Set up automatic payments to make sure you never miss a bill payment
Setup a payment plan on any collections accounts
Always pay your credit card balance off in FULL every month.
Dispute any errors on your credit report
Now that you know more about your score,
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