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Updated on: August 22, 2022 / 4:51 PM / CBS News As soon as you open a credit card and start swiping, you can expect to soon find a credit score and report associated with your name. You can even get a credit score without owning a credit card at all. If you've ever taken out a loan or had bills, chances are you probably have a score. Your credit score can determine your ability to finance major life goals, such as owning a home or attending college. It can influence whether you'll be approved for credit cards, auto loans or mortgages and the interest rates and terms lenders extend to you. Employers, insurers and landlords may also refer to your credit score as they evaluate whether you're financially secure. If you're relatively new to this and you want to learn more or you just want to stay up to date on your credit standing, here's a fast and easy way to check your credit score now. Simply click on your state to get started. It's important to understand your credit score, what it means and what factors influence it. How to check your credit scoreThere's more than one way to check your credit score. In fact, there are at least four, according to the Consumer Financial Protection Bureau:
It's important to closely check your reports for any errors or inaccuracies. A poor credit report will hurt your overall score. See if anything is negatively impacting your credit score when getting a free report from Experian today. Understanding your credit scoreWhen you receive your credit score, keep in mind that there are numerous credit scoring models, and you likely have multiple credit scores. Your credit score may vary depending on the site or bureau. FICO and VantageScore are two widely used scoring models, but these scores break down even further. According to Debt.com, there are at least 16 different FICO credit scores and many of them are industry-specific. Try not to pay too much attention to the exact credit score number. Instead, focus on the credit range your score falls in, as that lets you know where your credit stands and if it is poor, fair, good, very good or exceptional. A good FICO score is between 670 and 739, while a good VantageScore falls between 720 to 780. Conversely, a FICO credit score is considered fair or bad if it falls below 670. Along these lines, a VantageScore between 658 and 719 is fair, and scores of 600 or lower are considered either poor or very poor. Here's a breakdown to better compare the two: Credit score rangesFICO:
VantageScore:
Generally, if your credit score is good or better, you stand a better chance of qualifying for credit products with favorable interest rates and terms. Lower scores typically make it harder to qualify for loans and credit cards and you'll likely pay higher interest rates. As such, you could add up to paying thousands more in debt over your lifetime. If your credit is below-average, consider taking steps to repair your credit before applying for new credit. What factors affect your credit score?When you get your credit score, you should also see a list with up to five factors impacting your credit score. The main factors which make up your FICO credit score include the following:
What hurts your credit score?As you can see from the scoring factors above, some aspects in your credit history can significantly affect your credit score. The elements that hurt your credit the most are:
Thanks for reading CBS NEWS. Create your free account or log in Please enter email address to continue Please enter valid email address to continue How can I check my credit score without ruining it?Check Your Credit Report One Time a Year
AnnualCreditReport.com the website to visit to gain access to your Equifax, Experian, and TransUnion credit reports one time every year. This is a free service. It does not hurt your score. Try to check one report every four months for accuracy.
Can I really check my credit score for free?You're entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus by visiting www.annualcreditreport.com. You can also create a myEquifax account to get six free Equifax credit reports each year.
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