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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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4 Things You Need To Know About Your Credit Score

[June 23rd, 2018]

Most of us know that having good credit is important. But there is plenty of misinformation out there about exactly why it’s so important. Here are four things you may not know about credit score.

1. You don’t start out with good credit. You might assume that if you’re starting from scratch—if you’ve never taken out a loan or had a credit card—then you must have flawless credit. Unfortunately, it doesn’t work like that. You don’t start out with perfect credit that only gets ruined if you do something to drag it down.

Rather, you’ve got to build credit from the ground up. Potential creditors want to see that you’ve got a track record of paying back money that you owe. So if you don’t have a credit history, now is the time to apply for a credit card and get started establishing good credit.

2. Different factors have different weight. There are several things that go into a credit score, and not all of them will affect your score the same amount. For example, making payments on time counts for about 35 percent of your credit score, while the length of your credit history counts for only about 10 percent.

It’s important to do everything you can to help your credit score shine, but if you can only do some of them, let them be the ones that carry the most weight.

3. You can still get a credit card if you have limited or poor credit. Even if your credit isn’t the best, or you don’t have a credit history at all, there are still credit cards available that you can be approved for. Secured cards, for example, are cards that allow you to put down a deposit to act as collateral, so the creditor is protected in case of default. This allows you to use the card and establish a better credit history, which will improve your score over time.

4. Your credit score counts for a lot. Having good credit isn’t only useful for being approved for a rewards credit card or an elite travel credit card. Landlords, employers, and banks may all want to look at your credit score when deciding whether to rent you an apartment, offer you a job, or give you a business loan. So make sure your credit score is as good as it can be.

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