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Your credit score can impact housing options, borrowing rates, insurance premiums, and in some cases, even job opportunities. If yours isn’t where you want it to be, taking action to improve your credit is crucial. The credit-building programs below offer various ways to improve your credit score and all of them report to Experian, Equifax, and Transunion monthly.
CreditStrong lets you rapidly improve your credit score by up to 62 points over 12 months, without a credit card and for less than $1 a day. Join 1 million+ people building better credit.
Low credit scores can have a profound and lasting impact on your financial health throughout your lifetime. It serves as a red flag to lenders, signaling a higher risk of default, which means you will get less favorable terms on loans and credit lines. More specifically, you will likely be charged higher interest rates on mortgages, car loans, credit cards — the list goes on. The consequences? Potentially accumulating thousands or even hundreds of thousands in additional debt by way of interest. More debt means more time, maybe decades more, spent paying it back. Prolonged debt can prevent you from achieving financial stability as it ties up your income in debt payments, which can prevent you from allocating money to more crucial areas of your life.
Here’s how different credit score ranges can impact your costs:
The importance of maintaining good credit cannot be overstated — it opens doors to better financial opportunities and substantial savings on major expenses, fostering long-term financial stability. A poor credit score today can easily be turned around in a few months with help from the programs above. Whether it’s through credit-building cards, loans, or bill reporting, these services can help you build good credit and improve your credit score, as long as you make on-time payments.
As you explore your options, consider your desired point increase, budget, and the level of commitment you’re willing to make. These strategies and services are particularly beneficial for individuals with credit scores in the 500 to 600 range.
CreditStrong’s Revolv product lets you build revolving credit without a credit card, offering a $1,000 credit line reported to all 3 major credit bureaus for 12 months. Instead of relying on purchases to build credit utilization and payment history, build both through monthly commitment payments, with 100% of those payments contributing to savings. Its results speak volumes, with an average increase of 62 points over 12 months with on-time payments. This kind of boost can be a game-changer!
Your credit report is a record of data that is either publicly available or that’s been reported to the three major reporting agencies—Experian, Equifax, and TransUnion—by your creditors. That includes personal identifying information, such as your social security number, name, address, birth date, and employer information. It also includes three categories of credit-relevant data:
Part of the complexity in learning how to get a good credit score is the fact that there are actually several different types of credit scores that may be assessed for any one person. In addition, there are two major credit score models: FICO Score and VantageScore. For many people, the most familiar is the FICO score. It is also the one most lenders use to judge creditworthiness.
However, you probably have several different FICO scores: one for each of the three major reporting companies (since their data might differ from each other) and different scoring models. For example, one lender could use FICO Score 8 model (introduced in 2009) to evaluate your application for a loan, while another lender might use FICO Score 9 (introduced in 2014) to evaluate your application for a credit card.
Each company that calculates credit scores does so using slightly different criteria that are weighted differently. However, in general, the following factors are considered, listed in descending order of importance:
According to myFICO*, currently, FICO scores are broken down into categories based on the following ranges:
US residents can request a copy of their credit report from each of the three major reporting agencies once every 12 months. The easiest way to do this is to visit AnnualCreditReport.com, the official website created for this purpose, and submit your request.
Your credit reports will not include your FICO Score or VantageScore. Instead, you can find this number in one of four ways:
In addition to making use of one of the financial tools we’ve discussed above, there are many other things you can do to improve your credit score as well.