What You Need to Know to Build Your Credit

Credit scores are used in many areas of life such as applying for a new job, getting an apartment, and buying a car. Your score is used to help balance both your risk and the lenders risk when offering you credit.

What Determines My Credit Score?

Your credit score is commonly calculated from a few different areas.

Payment History

Pay your bills on time.

Debt to Credit Ratio

Don’t max out any type of credit.

Credit History Over Time

Establish credit early in life.

Applications for Credit

You shouldn’t apply too frequently.

Types of Credit You Use

Not all loan types impact your score.

Common Questions

The three main bureaus are Experian, Equifax, and TransUnion. However, there are smaller credit reporting agencies that lenders work with as well. These agencies are certified under the Fair Credit Reporting Act. By federal law, you are entitled to receive a free credit report from all three major credit bureaus every 12 months. Get your annual credit reports at www.annualcreditreport.com.

An installment loan could help you consolidate debt into one manageable payment. Learn more about how InstallmentLoans.com works.