Finimpact

Frequently Asked Questions(FAQ)

What is a good credit score?

Overall, credit scores can range from 300 to 850. Accordingto FICO, good credit scores range between 700 and 749. However, the VantageScore considers a good credit score to be between 661 - 780. Taking steps to keep your score abovef 700 is in your best overall interests financially.

How often can your credit score change?

Your credit score can change anytime your credit report does. Credit scores typically update at least once a month and there are various factors that can make your score go up or down. The biggest factors including your payment history (are you making your payments on time), your utilization (is your balance 30% or less of your total credit limit), and the frequency by which you open new credit accounts.

How can you find out your credit score?

To maintain a good credit score, check with your bank or credit card company to see if they can give you free access to your score. For many lenders, this is a free benefit offered to their credit card or loan holders. And if your bank or credit card does not offer this service, you can access your score through a credit report subsctiption from one of the credit reports. You should know, too, that you can access your credit report annually at no charge.

What do I do if my credit score starts to drop?

If your credit rating drops below 700 and you want to increase your credit score, here are the things you should do.

  • Check your credit report for errors.
  • Make sure you didn’t miss a payment.
  • Confirm you haven’t overutilized your credit card limit.
  • Open a new credit line (if it makes sense and has been some time since you applied for any type of credit)
  • Be thoughtful when applying for new credit.

About the Author

Ann Bloomquist

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann have been a marketer and a content writer for over 20 years. She have worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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