The next move is to make sure you make your monthly payments on time, every time. First, check your credit report for any mistakes. There are steps you can take to improve your credit score. VantageScores define 661 to 780 as its “good” range and 781 to 850 as “excellent.” How To Improve Your Credit Score The higher your credit score on the VantageScore scale, the lower the risk you represent to lenders. VantageScores use the same 300 to 850 credit score range as FICO Scores. Launched in 2003, VantageScore is a joint venture among the three major credit reporting agencies-Equifax, TransUnion and Experian. The higher your score, the better the offers you’ll generally receive.ĭefining an exact threshold for what constitutes a good credit score can be complicated, since it depends on the scoring model the lender is using and the type of loan you’re applying for. Many lenders use a FICO scoring model to generate your three-digit number. Lenders use your credit score to assess what level of risk you’ll pose to them when it comes to paying down your balance. Keep in mind different issuers use different scoring methods which means you may have slightly different scores across different cards. You can often simply log into your account and check your credit score. Many major credit card companies, financial institutions and loan servicers offer a monthly credit score for no extra fee for cardholders. Through December 2023 you can get a free report once a week. This will give you a detailed report of your credit history from each of the three major reporting bureaus. You can check your report for free once a year at with each of the three major credit bureaus. How Do You Check Your Credit Score for Free? Look for errors or delinquent payments that might be dragging down your score. If your score is significantly different from what you think it should be, review your credit report carefully. The scores should all be within a narrow range though so if one of them skews significantly from the others, look for a mistake you should correct. Each bureau uses a slightly different model, so expect slight differences in score agency to agency. Your credit score is affected by many factors, such as your payment history, outstanding balances, utilization and credit line history. You are entitled to at least one free credit score from each agency per year. You can check your credit score through a credit card issuer or by ordering it from any of the three main credit agencies: TransUnion, Equifax or Experian. A credit score is a three-digit number calculated to determine the relative quality of a consumer’s credit history.
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