how do I check my credit score?

Checking your credit score is quick and easy and you may be able to do it for free. How? Check with your bank, credit union or credit card company. Many will offer free access to your credit score as part of their account benefits.

You can also search for free options online, but don’t get roped into paying for extra services.

how do I check my credit report?

Checking your credit report can be easier (and cheaper) than checking your credit score. That’s because you’re entitled to one free credit report a year from each of the three credit bureaus: Equifax, Experian and TransUnion.

If you’re ready to get your free credit reports, check out the link after the quiz.

what’s the difference between my FICO® Score and other credit scores?

The FICO® Score is a three-digit number based on the info in your credit reports and shows how likely you are to repay debt.

Here are the 5 credit-account categories used to calculate it and how they count toward your score: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).¹

Other companies later created their own scores. The biggest difference may be the percentages or formulas used to calculate your score, although most will use the same categories.

why does my credit score change so often?

Your credit score changes because the info used to calculate it (your credit reports) is always changing. Since your credit history can change from month to month, so can your credit score.

That means every on-time or late payment reported can affect your score. So can getting a new credit account or closing one, when account balances change, or if positive or negative info drops off your credit reports.

how is my credit score determined?

Your score is based on the info in your credit report:

1. credit accounts
   This section shows your open, paid off and closed credit cards, accounts and loans. It also shows how long you’ve had accounts, plus credit limits or loan amounts.
2. credit inquiries
   This shows who has checked your report and it may or may not affect your credit score.
3. public records
   Judgments and bankruptcies are here. Chapter 13 bankruptcies will be on your credit report for 7 years; Chapter 7 will be on for 10 years.

will credit inquiries hurt my credit score?

Credit inquiries are when someone looks at your credit report. There are two types:

hard: These show up when you apply for credit and give the bank or credit company permission to check your credit.

soft: These can be prescreening companies who may want to offer you credit. If you request your credit reports, that’ll show up too. Don’t worry though, soft inquiries don’t negatively affect your credit. That’s great news because everyone should check their own credit reports at least once a year.

how are my credit limits determined?

They’re based on factors like your credit history, credit score, income and credit utilization rate (CUR).

Your credit utilization rate (CUR) is how much you owe, or the total of all your revolving credit accounts, divided by your total credit limits.

how do I lower my credit utilization rate?

The simple answer? Pay down the balances on your revolving credit accounts. When you do that, your CUR will also go down and that can have a positive effect on your credit score.