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Frequently Asked Questions

What, exactly, determines a credit score?

Typically, your credit score is based on your payment history, how much money you owe (known as utilization), the length of your credit history, the different types of credit you have, and how much of it is new, in that order. Your payment history accounts for about 35% of your score.

What does credit score actually mean?

Your credit score indicates the risk you represent for lenders, compared with other consumers. The two credit-reporting agencies, Equifax and TransUnion, use a scale from 300 to 900. Higher scores are viewed more favorably.

What is a credit score, and what is considered a good score?

A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. ... Generally, a FICO Score above 670 is considered a good credit score on these models, and a score above 800 is usually perceived to be exceptional.

What credit score is considered bad?

Bad credit is simply a description of a borrower’s credit score. There is no hard-and-fast point at which bad credit occurs, but generally, credit is considered bad if a borrower’s score falls between 300 and 630. The most common type of credit score is called a FICO score, after the Fair Isaac Corporation.

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