Get Your Free Credit Score – How Can I Build My Credit Score

Do you want to know how to get your free credit score? Well, you should know that it is indeed possible for you to get a free credit score, and if you want to know how possible it is, then you are welcome to this page.

Get Your Free Credit Score

You are going to learn a lot of things concerning your credit score. All you have to do is simply read on, and you will get all the necessary information.

Get Your Free Credit Score

When you or a lender simply “check your credit,” a scoring model from either FICO® or VantageScore® is then applied to the current data in one of your credit reports. Your score will also vary depending on which FICO® or VantageScore® version was used and also whether it looked at your credit report from Experian®, Equifax®, or TransUnion®. Your credit score can also vary month to month or day to day as new data is sent to your credit reports.

NerdWallet relies solely on VantageScore® 3.0 and your TransUnion® credit report data. The FICO ® model is used to make the majority of lending decisions. If you have a good VantageScore®, you may even have a good FICO® score, and both will respond to the same basic rules for managing your credit score. This is due to the fact that they consider similar factors but weigh them differently.

Payment history: Your record of on-time payments and also any negative marks, such as missed payments, accounts sent to collections or bankruptcies. 

Credit utilization: Balances you owe and even how much of your available credit you are using.

Age of credit history: How long you have been using credit?

Applications: How frequently have you applied for credit recently? 

Type of credit: How many and also what kinds of credit accounts do you have, such as credit cards, instalment debt (such as mortgages and car loans), or a mix? 

A credit score does not even consider your income, savings, or job security. That is why, in addition to your credit score, lenders also check what you owe, how much you earn, and even what assets you have.

What Is My Credit Score And Why Does It Matter?

Your credit score is simply a number that lenders and even credit card issuers use to help them decide whether to approve your credit application. The higher your score, the better your chances. 

With a low score, you might still be able to get credit, but it might come with higher interest rates or require a co-signer or security deposit. You also might have to pay more for car insurance or put down deposits on utilities. Landlords might then use your score to decide whether they want you as a tenant. 

But as you then add points to your score, you will simply gain access to more credit products and also pay less to use them. Borrowers with scores above 750 or so (on a typical 300-850 scale) have many options, including the potential to be able to qualify for 0% financing on cars and credit cards with 0% introductory interest rates.

What Can I Do With My Credit?

When your credit is very strong, you will then have a better chance of qualifying for credit cards and even loans and getting the best interest rates. Good credit can also save you money. You might then qualify for better cell phone deals, pay smaller (or no) utility deposits, and also pay less for insurance, for example. And some employers and also landlords consider credit as well.

The Difference Between Credit Scores and Credit Reports

Your credit reports are simply a record of how you have made use of your credit in the past. Credit scores, in turn, interpret the information in your credit reports to then estimate the likelihood that you will also repay borrowed money.

Information about your credit is then collected by the three major credit bureaus: Equifax®, Experian®, and TransUnion®, as well as some smaller companies. It is also important to simply check your reports for accuracy so errors are not hurting your credit scores.

What Is A Good Credit Score?

Now understand that the most commonly used credit scoring models range from 300 to 850. Each lender simply sets its own standards for what constitutes a good credit score. But, in general, scores fall along the following lines. Read below to find out.

What Are the Credit Score Ranges?

Here are the credit score ranges given below: Excellent credit: 720 and higher

Good credit: 690-719

Fair credit: 630-689 

Bad credit: 629 or lower. 

If you are just starting out or haven’t even used credit in at least six months, you may not have a score. Do not worry about this, NerdWallet simply has a guide to help you get started with building credit.

How Can I Build My Credit Score?

The two biggest factors in your credit score are simply paying on time and also managing how much of your credit limit you are using. That’s why they come first in this list of tips. 

Pay all your bills, not just credit cards, on time. Late payments, and then accounts charged-off or sent to collections, will simply hurt your score. 

Use no more than 30% of your credit limit on any card—less, if possible. The best scores simply go to people using 10% or less of their credit limits. 

Keep accounts open and active when possible—that simply gives you a longer payment history and also helps your “credit utilization,” or how much of your credit limits you are using. 

Avoid opening too many new accounts at once. New accounts simply lower your average account age, and then each application causes a small ding to your score. So it is recommended to space credit applications about 6 months apart. Also, ensure you conduct thorough research on the best credit card for your needs before applying. 

Check your credit reports and also dispute them.


How Long Does It Take to Build Credit From 600 to 700?

It usually simply takes about three months to then bounce back after a credit card has been maxed out or you close an unused credit card account. If you then make a single mortgage payment 30 to 90 days late, your score can simply start to recover after about 9 months.

What Can Hurt My Credit Score?

Paying late or running up higher-than-normal credit card balances can hurt your credit score. It also takes longer to recover from a late payment, which can then stay on your credit report for up to seven years. But the damage from a high balance simply disappears after you have brought the balance down.

Other negative marks on your credit reports can also come from defaulting on an account (not paying as agreed), being sent to collections, having a repossession or foreclosure, or filing for bankruptcy.

What If I’m just Starting Out? – Get Your Free Credit Score

Maybe you are just starting out and haven’t built up any credit history yet. It can also be hard to get credit when you do not even have enough history to generate a score, but there are strategies and also products that can help people just starting out.

It will take a few months to generate a score, and then you can simply follow the tips above and watch your progress on your NerdWallet dashboard.

How Long Does It Take to Get a 720 Credit Score?

It will then take about six months of credit activity to establish enough history for a FICO credit score, which is simply used in 90% of lending decisions. A FICO credit score simply ranges from 300 to 850, and a score of over 700 is considered a good credit score. Scores of over 800 are considered excellent.


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