Frequently Asked Questions
What is a good credit score?
A good FICO credit score is 670-739. 740-799 is very good, and 800+ is excellent. Below 580 is considered poor. Higher scores qualify for better loan rates and terms.
How long does a late payment affect my credit?
A late payment can stay on your credit report for 7 years, but its impact diminishes over time. The biggest drop occurs in the first 1-2 years. Making on-time payments afterward helps rebuild your score.
What are the 5 FICO score factors?
Payment history (35%), amounts owed/utilization (30%), length of credit history (15%), new credit inquiries (10%), and credit mix (10%). Payment history is the single most important factor.
How can I check my credit score for free?
Many banks and credit cards offer free FICO scores. You can also get free credit reports at AnnualCreditReport.com (the only federally authorized source). Experian, Equifax, and TransUnion each provide one free report per year. VantageScore is available free through Credit Karma.
How fast can I improve my credit score?
Paying down credit card balances can improve your score within 1-2 months (utilization updates quickly). Opening new accounts or recovering from late payments takes 6-12 months. Bankruptcy stays on your report for 7-10 years. The fastest wins are paying below 30% utilization and never missing payments.
Does checking my own credit score hurt it?
No, checking your own credit score is a soft inquiry and does NOT affect your score. Only hard inquiries from lenders (when you apply for credit) temporarily lower your score by 5-10 points. Check your score as often as you like.