Frequently Asked Questions

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 A credit score is a numerical representation of your creditworthiness, based on your credit history. It helps lenders know  the risk involved in lending you money. 

Key factors include:

• Payment history
• Credit utilization ratio (how much of your available credit line you are using)
• Length of credit history
• New credit inquiries
• Types of credit accounts

 Lenders rate a "good" credit score between 670 and 739 on a scale of 300 to 850. Scores above this are considered very good or excellent, while those below may be average, fair or poor. 

  You can improve your credit score by:

• Paying bills on time
• Keeping credit card balances below 30% utilization.
• Avoiding opening too many new accounts
• Regularly checking your credit report for errors
• Avoid too many inquiries

 It's a good idea to check your credit report at least once a year. You can get a free report from each of the three major credit bureaus (Equifax, Experian, TransUnion) annually. 

 No, checking your own credit score is considered a "soft inquiry" and does not affect your score. However, applying for new credit will result in a "hard inquiry," which can have a small, temporary impact. 

 Credit utilization is the ratio of your outstanding credit card balances to your credit limits.