MyCreditCrew
May struggle to get approved for credit. High interest rates likely.
Some lenders may approve credit with higher rates and fees.
Many lenders will approve credit with reasonable terms.
Likely to qualify for better rates and credit offers.
Access to best rates and premium credit products.
On-time payments vs. late payments
How much credit you're using
How long you've had credit
Types of credit accounts
Recent credit applications
Credit applications and new account openings remain visible for 2 years but only affect your score for 1 year.
30, 60, 90+ day late payments stay on your report for 7 years but have less impact over time.
Accounts sent to collections or charged off by the original creditor remain for 7 years.
Reorganization bankruptcy stays on your credit report for 7 years from the filing date.
Liquidation bankruptcy remains on your credit report for 10 years from the filing date.
Experts recommend keeping your credit utilization below 30% of your available credit limit. For the best scores, aim for under 10%. This ratio is calculated both per card and across all your cards combined.
There's no magic number, but the average American has 3-4 credit cards. Focus on managing what you have responsibly rather than the quantity. Having multiple cards can help with utilization if managed properly.
Checking your own credit score is a "soft inquiry" and doesn't affect your score. Only "hard inquiries" from lenders when you apply for credit can temporarily lower your score by a few points.
Credit scores can change whenever new information is reported to the credit bureaus, which typically happens monthly. However, not all accounts report on the same schedule.
FICO is used by 90% of lenders and ranges from 300-850. VantageScore is newer and also ranges 300-850 but weighs factors differently. Most lenders still use FICO scores for decisions.
Yes, it's normal to have different scores from Equifax, Experian, and TransUnion because they may have slightly different information about your credit history, and not all creditors report to all three bureaus.