5 Things to Know About Your Credit Score

Your credit score is one of the most important numbers in your finances, and it can affect many of the things that occur in your life. If you’re having a hard time figuring out what your credit score means or just how critical it is in your life, here are five things to know about it.

1. You Have Multiple Credit Scores

While everyone talks about their credit score, you actually have multiple credit scores. Each credit bureau has its own information and its own formula to use when calculating your score. In addition to the credit bureaus, insurance companies use their own formula to come up with your insurance credit score. Credit bureaus all get different information about your finances, so they all come to their own conclusions about what your credit profile looks like.

2. There Are Different Scales

When looking at the various credit scores that you have, it’s also important to know that there are multiple scores. For example, most bureaus use the FICO formula to figure your credit which means that the scores range from 300-850. By comparison, some places use the VantageScore system. This system uses scores from 501 to 990. Their score also comes with a letter grade like you received in school. This makes it difficult to compare apples to apples between the multiple systems.

3. It’s Affected By Many Things

Your credit score is impacted by many different things. For instance, every time you charge something on your credit card and pay your bill, it will have an impact. Every time you make an on-time payment, you’ll be positively affected. Your payment history and your debt load are two of the biggest factors that impact your score. Other things that can make a difference are the length of time that you’ve had credit and the different types of accounts that you have.

4. Your Score Continually Changes

When you get your credit score from a credit bureau, it’s easy to label yourself as someone who has bad credit or good credit. However, your credit score is a dynamic number that is constantly changing. Many different factors impact your score and the credit bureaus update it all the time. So if your credit score isn’t where you want it to be, a few changes can make a big difference. If you already have a good credit score, you can’t get complacent. You always have to be making the right decisions and handling your credit appropriately.

5. Credit Reports Don’t Always Include Score

There are different degrees of credit report that you can find out there, and not all of them come with your credit score attached. For example, if you take advantage of the free credit reports that are available from all three of the major credit bureaus, you’ll get a summary of your credit profile and all of the detailed information surrounding it. However, you won’t get the actual score that is derived from that information. If you want your score, you’ll have to be sure to buy the credit report that has your score with it.

With this information, it’ll be easier for you to build up your credit to a strong level. Take the time to get started now and your score can go up quickly.

This article was written by Denise McKendry, who is the primary writer for the Insurance Rates and Education site, ired.com, which focuses on homeowners insurance and personal safety information.

34 Responses to 5 Things to Know About Your Credit Score
  1. Linus Pauling Vitamin C Solution
    April 25, 2013 | 12:59 am

    Every weekend i used to pay a visit this site,
    because i wish for enjoyment, for the reason that this this web page conations in fact pleasant funny information

  2. professional arborist in Doylestown
    May 2, 2013 | 9:00 pm

    Thanks for sharing your info. I really appreciate your efforts and I am waiting for your next write
    ups thanks once again.

  3. projectors in chesapeake
    May 2, 2013 | 9:00 pm

    I simply couldn’t depart your site before suggesting that I extremely loved the usual info a person supply in your guests? Is going to be again incessantly in order to inspect new posts

  4. s14-death-squad.punbb-hosting.com
    May 30, 2013 | 5:18 pm

    Your style is unique compared to other folks I’ve read stuff from. Thank you for posting when you have the opportunity, Guess I’ll just book mark this page.

  5. real estate investor education
    June 30, 2013 | 1:28 am

    Ok, I have to make a PowerPoint Presentation to my class that convinces them to vote
    for Donald Trump as the best person of the year. I can’t find anything GOOD about Donald Trump! If you have any reasons as to why he should be the voted the best person of the year, please respond to this. PLEASE: No opinions of any kind, or at least keep your opinions to a low level..

  6. Thanks , I have just been looking for info approximately this subject
    for a while and yours is the greatest I’ve discovered till now. However, what concerning the bottom line? Are you positive about the supply?

  7. reliable locksmith atlanta ga
    July 27, 2013 | 2:52 am

    It’s really a nice and helpful piece of info. I am satisfied that you shared this useful info with us. Please stay us up to date like this. Thank you for sharing.

  8. youtube.com
    July 31, 2013 | 12:26 pm

    hello!,I like your writing so a lot! proportion we keep up a correspondence more approximately your post on AOL?

    I need a specialist in this house to resolve my problem.
    Maybe that’s you! Taking a look forward to look you.

  9. sleep aids
    August 16, 2013 | 5:50 pm

    I am in fact thankful to the holder of this website who has shared this great piece of writing at here.

  10. http://www.mdahellas.gr/
    August 28, 2013 | 10:44 am

    Have you ever thought about publishing an ebook or guest authoring on other blogs?
    I have a blog centered on the same topics you discuss and would love
    to have you share some stories/information. I know my subscribers would value your work.
    If you’re even remotely interested, feel free to send me
    an email.

  11. Click here
    January 24, 2014 | 4:30 pm

    As the admin of this web site is working, no question very shortly it willl be renowned, due to its quality contents.

  12. Le Vent se lève Télécharger le film
    March 14, 2014 | 3:25 am

    As the admin of this web page is working, no hesitation very soon it
    will be famous, due to its quality contents.

  13. Telecharger Film
    May 30, 2014 | 8:12 am

    Nice replies in return of this difficulty with solid arguments and telling everything
    concerning that.

  14. wordpress templates
    October 9, 2014 | 1:16 am

    This site was… how do I say it? Relevant!!
    Finally I have found something which helped me.
    Thanks a lot!

  15. iowaska movie
    October 11, 2014 | 7:13 pm

    Magnificent goods from you, man. I have understand your stuff
    previous to and you are just too excellent. I really
    like what you’ve acquired here, certainly like what
    you are stating and the way in which you say it. You make
    it enjoyable and you still care for to keep it wise. I can not
    wait to read much more from you. This is actually
    a terrific website.

  16. Reno NV A C service
    November 19, 2014 | 2:55 am

    My partner and I absolutely love your blog and find a lot of
    your post’s to be exactly I’m looking for. can you offer guest writers to write content to suit your needs?
    I wouldn’t mind composing a post or elaborating on many of
    the subjects you write concerning here. Again, awesome site!

  17. Eusebia
    December 21, 2014 | 8:41 pm

    Hi there, after reading this awesome article i am as well glad to
    share my know-how here with colleagues.

  18. Designer Handbags and Clothing
    February 6, 2015 | 6:33 am

    Having read this I thought it was very informative. I appreciate you taking the time and energy to put this information together.
    I once again find myself spending a significant amount of time both reading and
    leaving comments. But so what, it was still worth it!

  19. pengertian bukan penduduk
    June 13, 2015 | 7:57 pm

    I am new to blogging. How do I add a subscribe function to my site so new post will go to their email?

  20. eavestrough burlington
    August 17, 2015 | 8:47 pm

    What are the requirements for being a successful roofing salesperson. Steel roofs offer good strength but do have the weakness
    of rust. Finally, the top cover protects the underlying roof
    components from physical damage, so make sure it is properly selected.

  21. phu quoc resorts
    September 16, 2015 | 6:29 pm

    There are wine tours, jeep excursions, horseback riding,
    golf, shopping, and plenty of other things to fill up the day when you
    come and visit. Do try the very famous street food ‘pho’ which is
    a combination of rice noodles, herbs and chicken or beef.

    So it’s no surprise that a kind of Vietnamese ceviche serves as the island staple.

  22. halong bay day trips
    September 16, 2015 | 8:02 pm

    My Son Cham towers These battered but beautiful towers near Hoi
    An are all that remain of the once-powerful Champa kingdom.
    The Sapa Extreme Trek includes a cultural trip through the hills and valleys of Sapa Region, encountering
    some minority villages along the way. You will bring home amazing experience on difference ways of local life.

  23. vietnam travel promotions
    September 17, 2015 | 3:40 am

    From this interaction, Memorial Day later received its origin in 1868, just three years after the American Civil War.
    You can combine the routes of different airlines to save costs
    to the maximum. Secondly, Dalat is quite different from anywhere else you’ll visit in Vietnam.

  24. http://phuquocdaytrips.com
    September 17, 2015 | 3:48 am

    The country has undergone significant development with an influx of luxury
    hotels being opened in both the major cities and picturesque
    beach locations. Complimentary breakfast is available on deluxe & super deluxe rooms only, that rate from Rs.
    In most cases Central Asian tours last for several days to weeks.

  25. halongbaydaytour
    September 17, 2015 | 7:27 pm

    Many of tourists book cheap packages and use shuttle bus.
    The added advantage of these luxury vacations planned by Tour East
    Holidays and Singapore Airlines is that any of them can be customized to your client’s
    schedule and expectations. Pearl oyster farms are tucked into tight channels between the towering,
    limestone cliffs.

  26. halongbaytours
    September 17, 2015 | 9:23 pm

    At this point when in Halong Bay there are many options for one to go on the
    many Halong bay tours. Different motorized as well manual
    boats are available to undergo adventure cruise tours within the bay.
    TORONTO – Tour East Holidays and Singapore Airlines,
    two of the most trusted and recognized names in the travel industry, today announced they
    are joining forces to bring more luxury travel vacation options to Canadians – at 40% less than anyone

  27. Eula
    October 7, 2015 | 6:57 am

    Aw, this was a very good post. Taking the time and aactual effort to produce
    a great article… but what can I say… I hesitate a lot and don’t seem to
    get newarly anything done.

  28. du lịch mai châu hòa bình
    November 4, 2015 | 10:23 am

    Tour operators in India are known for providing well designed
    tours to India. The reason why the more expensive cribs are better comes down to testing.
    Having a digital copy saved online would also be useful in case you
    need them for emergency purposes.

  29. videncia en barcelona
    November 12, 2015 | 8:29 am

    I do acceppt as true with all the concepts you’ve introduced on your post.
    They are really convincing and can definitely work. Nonetheless, the posts arre very quick
    for newbies. Could you please lengthen them a bit from subsequent time?

    Tank you for the post.

  30. phuquoc island resort
    November 24, 2015 | 12:12 am

    150 rare animals live there where most of them are already an endangered specie.
    If you are a traveler who likes finding and catching a number of rays,
    Vietnam’s seashores ought to be on your
    own plans. 5 hours) to Co To and on the way back
    catch a normal boat from Co To to Bai Chay in Halong city, it takes longer
    by normal boat however you have a chance to enjoy the breathtaking
    beauty of Bai Tu Long bay during the journey.

  31. vidente buena de verdad
    December 1, 2015 | 9:46 pm

    I would like to thsnk youu for thee efforts you’ve put in penning this website.
    I really hope to check out the same high-grade content by you later on as well.

    In fact, your creative writing abilities has encouraged me too
    get my own wrbsite noow 😉

  32. Carl
    February 17, 2016 | 6:46 pm

    Once he sees youu looking fantastic and sees that you
    have become confident and happy it will make him desire you.
    Denial: Jusst like itt sounds, wih this defense we are denying
    the uncomfortable thought or situation even exists.
    Emotional infidelity cann occur iin distant locations
    with absolutely no physical contact occurring.

  1. best buy
  2. icee.kw.ac.kr
Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/5-things-to-know-about-your-credit-score/trackback/