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10 Things You May Not Know About Your Credit

Here are some things that you may not know about your credit score:

  1. Your credit score is not a fixed number. It can change based on your credit behavior, such as making on-time payments or carrying high balances.

  2. There are multiple credit scoring models used by lenders, and each one may have a different range and criteria for determining your score.

  3. Your credit score is not just based on your payment history. It also considers your credit utilization, length of credit history, types of credit accounts, and recent credit inquiries.

  4. Your credit score may be affected by factors outside of your control, such as identity theft, errors on your credit report, or a spouse's credit history.

  5. Closing a credit account may not always improve your credit score. It can actually lower your score by increasing your credit utilization ratio.

  6. Applying for multiple credit accounts in a short period of time can lower your credit score because it indicates to lenders that you may be a higher risk borrower.

  7. Your credit score may not be the only factor considered by lenders when making lending decisions. They may also consider your income, employment history, and other factors.

  8. Checking your own credit score does not negatively impact your score. In fact, it's a good practice to regularly check your credit report for errors and signs of fraud.

  9. Your credit score may be used by non-lending entities, such as landlords or utility companies, to determine your eligibility for services or to set deposit amounts.

  10. Finally, while a good credit score is important, it's not the only measure of financial health. It's important to also prioritize saving, budgeting, and building emergency funds.


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