Credit Score

Credit Score

Welcome to the Credit Score section of the YourScoreAndMore Education Center. Here you'll find many articles that detail how your credit score can affect your financial life. Read the summaries below and click the link to read quick facts and the full article.

  • credit history
  • annual credit report
  • credit score
  • credit report

The 3 Major Credit Bureaus

Keeping an eye on your credit score is extremely important because it allows you to make adjustments along the way. If you run into credit problems, it can have a negative influence on your purchasing power, making it more difficult to get a mortgage, car loan or even a credit card.

  • fico
  • credit score

What Is A FICO Score And How Does It Affect You?

If you’re thinking of buying a home, your credit is something that is no doubt very much on your mind at the moment. One of the terms that you’ve probably heard about is FICO scores; but you may be wondering what is a FICO score and for that matter, what is FICO?

  • credit algorithm
  • credit inquiries
  • credit score
  • Fair Isaacs
  • fico

Your credit score is one of the most important numbers in your financial life. However, you may notice that your score varies, depending on the reporting agency. Why does it vary and which credit score is the correct one?

  • credit score
  • good credit habits
  • timely payments

Whether your credit score is down in the 600s or rising to the upper 700s, you are probably interested in learning how to boost your credit score. A comparison of those with high credit scores in the 800s shows those consumers have quite a few things in common. You can use their common habits to come up with a plan to raise your own credit score.

  • age of credit
  • credit score
  • credit utilization
  • payment history

When financial institutions want to decide if you are creditworthy, they often look at your credit score. This score is a simple three-digit number and gives a snapshot look at how likely you are to pay your debts and your overall creditworthiness. Usually, lenders decide whether to approve auto loans, credit cards, mortgages and other credit lines by considering your credit score.

  • credit score
  • late payments
  • low fees
  • penalty fees

A late payment or two on loans, credit cards or a mortgage can quickly sabotage your credit score. While being a few days late may not seem problematic, it can be devastating to your overall credit health. In fact, those late payments can affect your credit score for months or even years.

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Quick Facts

Paying bills late can hurt your chances for getting new credit and lower your score. Here's what you need to know:

Even making one or two late payments can quickly drop your credit score.

Late payments can cause the interest rates you pay on other credit cards to rise.

If you pay late and are charged a late fee, try to get it waived. If you can't, try to get the fee lowered.