Its a common story, and it might already have happened to you.
Then come the words and a blank expression: Youve been declined; your credit score is too low.
It happened to me in the middle of Sears almost a decade ago, and it didnt make sense!
Tina Russell/The Penny Hoarder
I only had one credit account, with a low limit that was never maxed out.
Thankfully, this doesnt have to be you.
It all starts with one thing: awareness.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
What Is a Credit Score and How Is It Used?
(Its possible youdont have a credit score if youre credit invisible.)
Heres a breakdown of the ranges ofFICO scoresand what each range means about your credit.
In this score range, youve probably had too many late payments in the recent past.
670-739: Good Credit
This is where most people are.
800-850: Exceptional Credit
This is considered an A+ credit score.
Only around 15% of people have a score this high.
If youre in this range, you have over $10,000 of unused credit and a spotless payment history.
The average score among Americans is around714, as of April 2022.
What Determines a Good Credit Score?
There are two main scoring models: the FICO score and the VantageScore 3.0.
Both models have the same credit score range, but are calculated in slightly different ways.
While it can be handy to know both, in most circumstances its not necessary.
Who Are the Credit Bureaus?
There are three major credit bureaus in the United States: Experian, TransUnion and Equifax.
Why Does a Good Credit Score Matter?
The benefits of a higher score dont start and end with being approved for a loan.
In fact, a very good or exceptional score can save you money.
How Can You Improve Your Credit Score?
As someone who once had poor credit, this is the big question.
That said, a few tips and tricks can help bump up your score.
This will also add to your unused credit amount, which can improve your score.
Contributor Kent McDill contributed to this post.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
