Ways to improve your credit score

What is a Credit Score?

A credit score informs lenders how likely you are to pay back a loan and is based on your credit history, which is basically a trail of how you use money. Your credit history contains information about the number of credit cards and loans you have, how much you owe, your loan payment history and other details.

Three U.S. credit reporting companies – TransUnion, Equifax and Experian – collect this information to create credit reports for consumers. They also give your credit history a credit score number, usually between 300 and 850. The higher the score, the better your credit and the lower the risk you are to lenders. The most widely used credit score is the one by the Fair Isaac Corporation (FICO®), which uses information from all three credit bureaus and other data. Here are the FICO® credit score ranges and ratings:

Credit Score Rating
800+ Exceptional
740-799 Very Good
670-739 Good
580-669 Fair
<580 Poor

Ways to Improve Your Score

If your score needs a little help, here are things you can do to improve your credit score:

Other tips include paying your bills on time. Lowering the amount of debt you have and avoid getting new credit cards and loans, especially if you don’t need them.

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+Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn More.

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