A Shocking 1 in 3 Americans Don’t Know Their Credit Score
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- When was the last time you checked your credit score?
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- Don’t worry; it won’t negatively impact your credit!
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Having a good credit score impacts almost everything in your financial life, so if you don’t know it or take the time to check regularly, you could be missing opportunities.
For instance, people with good credit scores have an easier time with:
- Renting an apartment
- Getting loans approved for cheaper rates
- Getting better auto/home insurance rates
- Getting approved for credit cards with higher rewards
- Getting approved for a cellphone
In the long run, you’ll get better perks and save money if you have a good score.
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“Your credit score is essentially a snapshot into how responsibly you have managed debt in the past,” said Kendall Meade, CFP at SoFi. “This gives lenders an idea of how likely you are to pay back any money you borrow or how risky it is for them to lend you money.”
Credit scores are based on lending history housed with the three major credit bureaus: Equifax, Experian, and Transunion. Credit scores range between 300 and 850, with 800 or higher being excellent. A score less than 580 is considered poor. While the average credit score is about 714, a good credit score is between 670 and 739.
Tips to Improve Your Credit Score
- Monitor your credit regularly (for free)
- Review your credit report for inaccuracies
- Pay your bills on time
- Request an increase in your credit
- Keep old credit accounts open
- Don’t open a new line of credit unless necessary
- Negotiate or take care of debt in collections
- Start a budget to make smarter choices on how you’re spending money