Maybe you have never seen your credit score or haven’t seen it recently. If this is the case, you should get it immediately. The score that your lenders use when deciding whether to give you credit is called your FICO score. The only way you can get it is on the site www.myfico.com where you will either have to pay $19.95 or sign up for a free trial of the company’s Score Watch program in which case you will get it free. However, there are other options. The site www.CreditKarma.com will give you your credit score free but it won’t be your true FICO score. This includes your credit score, a way to monitor your credit health, plus the ability to track your progress against your credit goals. It’s also possible to get your credit score from the three credit reporting bureaus – Experian, Equifax and TransUnion – though you may have to jump through some hoops in order to get it free. And again, this will not be your true FICO score.
Maybe you have never seen your credit score or haven’t seen it recently. If this is the case, you should get it immediately. The score that your lenders use when deciding whether to give you credit is called your FICO score. The only way you can get it is on the site www.myfico.com where you will either have to pay $19.95 or sign up for a free trial of the company’s Score Watch program in which case you will get it free. However, there are other options. The site www.CreditKarma.com will give you your credit score free but it won’t be your true FICO score. This includes your credit score, a way to monitor your credit health, plus the ability to track your progress against your credit goals. It’s also possible to get your credit score from the three credit reporting bureaus – Experian, Equifax and TransUnion – though you may have to jump through some hoops in order to get it free. And again, this will not be your true FICO score.

Despite the rosy national picture, we see regional and age-based disparities. A minority of Southerners still rank below prime credit. In contrast, credit scores in the upper Midwest rank well above the national average. Younger consumers struggle with their credit, but boomers and the Silent Generation secured scores well above the national average.
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My wife and I recently decided we wanted to buy a home better suited to starting a family and sell our townhouse (which she owned when we met). I didn't have the best, let's say, track record with financials in my past and my credit was abysmal. I hit rock bottom 2.5 years ago when my car ( a beautiful fully loaded Jeep) was reposed on Xmas eve morning. Even then, although angry and ashamed, I didn't do much to help myself out. My 20's, which were years of partying, spending and generally speaking not caring had finally caught up. I was 29. So, we got to work with fixing things. Paying off creditors, paying down debts, making on time payments, etc. When we had my credit run about 6 weeks ago, it was 588. This was much higher than the 410 I had a couple years ago, but still a far cry from good. (Side note here, be mindful of using credit cards that track your fico score, or having a credit bureau account that gives you your score. There are around 30 different scores that are used, and different scores are used for different types of inquires (auto loan is different than mortgage)). So we got to work, paid off the last couple things and really started paying attention to what was happening. One thing I can't stress enough is every year, you're allowed to get 3 free credit reports, 1 from each bureau. You MUST do this each year. This is where I found my credit windfall. I was able to uncover the fact that a debt that had been paid of was still being reported as open and late. I also found a debt that wasn't mine! A big one. $1700 showing open and late for 2 years with a collector. I filled a report with the CFPB (Consumer Financial Protection Bureau) and they started an investigation. The company that had this debt wrote me a letter saying that even though I had no proof that the debt wasn't mine, they would absolve it and would contact the 3 credit bureaus to have the reporting removed and cleared. At this point, I called my broker and said it's time to run the simulator. They ran it, and then performed what is called a Rapid Rescore. Some brokers charge for this; good ones don't. Since they are trying to get your business they will do it for free. If it's at cost, it's roughly $10 per item per report. If you have a lot of issues it can add up. Anyhow, they did the rescore, did the simulator, ran a hard inquiry and BOOM, 657.
If you’ve never had a credit card before, your scores may be suffering because of that account mix factor we talked about earlier. Just make sure you make on-time payments — a new credit card account with a bad payment history will hurt you, not help you improve your credit scores. If you have a fair, good or excellent credit score, there are many credit card options out there for you. If you have a poor or bad credit score, read the next tip.
If you’re the parent of a teenager, you might wonder if now is the right time to help them open a credit card. It can be hard to decide if they’re ready to take on the responsibility that comes with having a credit card since you need to trust that your teen has the restraint to limit spending and pay on time. Generally, we recommend introducing your teen to credit as soon as you can since credit is such a large part of life as an adult — you need credit to take out loans, apply for a mortgage and even make certain purchases. Plus, it’s important for your teenager to learn how to manage credit responsibly so they can build good credit.
The debt-to-credit ratio is definitely considered one of the more important factors that help determine consumer credit. This is also why it is not recommended that you close any unused credit card accounts you have as a way to try and raise your credit scores. Doing so will affect your utilization ratio percentage and can actually do more harm than good.
If you’re not disciplined enough to create a budget and stick to it, to work out a repayment plan with your creditors, or to keep track of your mounting bills, you might consider contacting a credit counseling organization. Many are nonprofit and work with you to solve your financial problems. But remember that “nonprofit” status doesn’t guarantee free, affordable, or even legitimate services. In fact, some credit counseling organizations — even some that claim nonprofit status — may charge high fees or hide their fees by pressuring people to make “voluntary” contributions that only cause more debt.
This last step is easy too! Our strategy puts the bad credit of your past further and further behind you showing the credit bureaus that you are improving your credit. We make this easy for you by hand selecting the right credit cards for you to choose from - the ones that will get reported to the credit bureaus and are easier for individuals going through credit repair to get approved with.
After getting approved for refinancing, the new loan may be reported to the credit bureaus, which could lower your average age of accounts. Your other loans will be paid off, but they could stay on your credit reports for up to 10 more years. Your overall installment-loan debt will stay the same, and as long as you continue to make on-time payments, your score may improve over time.
My wife and I recently decided we wanted to buy a home better suited to starting a family and sell our townhouse (which she owned when we met). I didn't have the best, let's say, track record with financials in my past and my credit was abysmal. I hit rock bottom 2.5 years ago when my car ( a beautiful fully loaded Jeep) was reposed on Xmas eve morning. Even then, although angry and ashamed, I didn't do much to help myself out. My 20's, which were years of partying, spending and generally speaking not caring had finally caught up. I was 29. So, we got to work with fixing things. Paying off creditors, paying down debts, making on time payments, etc. When we had my credit run about 6 weeks ago, it was 588. This was much higher than the 410 I had a couple years ago, but still a far cry from good. (Side note here, be mindful of using credit cards that track your fico score, or having a credit bureau account that gives you your score. There are around 30 different scores that are used, and different scores are used for different types of inquires (auto loan is different than mortgage)). So we got to work, paid off the last couple things and really started paying attention to what was happening. One thing I can't stress enough is every year, you're allowed to get 3 free credit reports, 1 from each bureau. You MUST do this each year. This is where I found my credit windfall. I was able to uncover the fact that a debt that had been paid of was still being reported as open and late. I also found a debt that wasn't mine! A big one. $1700 showing open and late for 2 years with a collector. I filled a report with the CFPB (Consumer Financial Protection Bureau) and they started an investigation. The company that had this debt wrote me a letter saying that even though I had no proof that the debt wasn't mine, they would absolve it and would contact the 3 credit bureaus to have the reporting removed and cleared. At this point, I called my broker and said it's time to run the simulator. They ran it, and then performed what is called a Rapid Rescore. Some brokers charge for this; good ones don't. Since they are trying to get your business they will do it for free. If it's at cost, it's roughly $10 per item per report. If you have a lot of issues it can add up. Anyhow, they did the rescore, did the simulator, ran a hard inquiry and BOOM, 657.
Once you resolve issues on your credit report, it’s time to implement a strategy to start improving your credit score. The single best thing that you can do to improve your credit score is to pay current accounts on time and in full every single month. You can picture it as burying negative information under a mountain of positive credit information.
Every time you apply for credit, your credit report is accessed and analyzed. Every time your credit report is accessed a record of this transaction is placed on your credit report and it is called an inquiry. Inquiries can drop your credit score by as much as 5 points a piece. If you are looking to get new credit, be sure you will qualify for the credit card or loan so you do not have unnecessary inquiries on your credit report. In addition, having a lot of new credit (10% of your score) looks risky to lenders, and your score will suffer.
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