Let’s Start with the Basics
Credit is…
the ability to buy (or borrow) now and pay later. More
Your credit history is…
a record of how well you paid back what you owed. More
A credit report is…
a summary of your credit history over the past seven years that is organized and kept by three, main credit bureaus – Equifax, Experian, and Transunion. More
Your credit score is…
a three-digit number that a credit bureau assigns based on what’s in your credit report. More
Your FICO® Score is…
a three-digit number calculated from the data on your credit reports at the three major consumer reporting agencies — Equifax, Experian, and TransUnion. Along with other factors, are used by most lenders to determine your creditworthiness. More
A good FICO® Score is…
considered to be in the 670 to 739 range, as of 2022 the average score for U.S. consumers is 714. More
The benefits of a good FICO® Score are…
many, including lower interest rates on loans, lower monthly payments, you can borrow larger amounts, lenders compete for your business and the ability to rent an apartment and set up utilities with ease. More