Credit reports detail personal information (name, address, Social Security number), credit accounts (payment history, credit limit, account balance), public records (liens, bankruptcies, foreclosures) and inquiries into your credit. The three main credit bureaus who issue reports are Experian, Equifax and TransUnion.
What do you still need to know about credit scores?
Your credit report is a thorough record of your credit history, including your credit accounts, how often you apply for credit, debt collection accounts and some public records, including judgements, liens and bankruptcies. Think of your credit score as a numerical summary of all these factors.
Why would I need to know my credit score?
The most obvious reason its important to know your credit score is because your score determines your ability to qualify for loans and to get better interest rates when borrowing. If you know your credit score, a little research can let you know how much you should pay in interest on a loan before you apply.
What credit score do you start out with?
Most in the U.S. start at 300, and sometimes lower, depending on the scoring system — so you cant have a credit score of zero. Some credit scores, such as Bankcard and Auto scores, can range from 250-900. Before your information appears in a credit bureau file, your credit history simply doesnt exist yet.
Do I have a credit score at 18?
Does your child have a credit score? Typically, only people over the age of 18 have a credit score — but it is possible for minors to have a credit report. A person under 18 can have a credit report if : Their identity was stolen and used to open one or more credit accounts.
Is a 631 credit score good?
Your score falls within the range of scores, from 580 to 669, considered Fair. A 631 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
How long does it take to get a 700 credit score from 0?
The good news is that it doesnt take too long to build up your credit history if youre starting from zero. According to Experian, one of the major credit bureaus, it takes between three and six months of regular credit activity for your file to become thick enough that a credit score can be calculated.