Understanding your credit score
Understand your credit score
The term credit score gets a lot of buzz and may leave you wondering why it all matters.
Simply put, your credit score is a number that summarizes your credit report and helps lenders determine your likelihood to repay a loan.
Understanding your credit score
Credit scores help lenders determine eligibility for loans or credit.
Credit score ranges
- 300-659: Poor
- 660-719: Fair
- 720-779: Good
- 780-850: Great
Factors that may impact your credit score
- Payment history (most important): Consistent, on time-payments improve scores; delinquent payments affect scores
- Credit history: Long and diverse credit history improves scores; short credit history affects scores
- Credit usage: Balances below 30% of your credit limit improve scores; high credit balances affect scores
- Total balances: Paying down balances regularly improves scores; outstanding debt affects scores
- Credit checks: A limited number of credit checks improves scores; multiple credit checks affect scores
- Available credit: Adding more open lines of credit improves scores; limited lines of credit affect scores
How to check your credit score
You’ll want to make sure your credit reports are accurate and up to date before you apply for a mortgage.
Check your credit score and credit report for free once every 12 months at each of the 3 major credit-reporting agencies, or use Chase Credit Journey to regularly track your score and learn about the actions you can take to improve it.
Here's how to contact each of the 3 major credit-reporting agencies:
- Equifax: 1-800-658-1111
- Experian: 1-888-397-3742
- TransUnion: 1-800-888-4213
Use Chase Credit Journey to monitor your financial health
Stay up to date with your credit info using our free Chase credit journey service, which offers:
- Unlimited access to your VantageScore and credit report
- Alerts about critical changes to your credit report
- A score simulator that helps you identify how financial decisions will affect your credit
Please note: Your VantageScore is an informational credit score and may vary from a FICO® Score provided by credit reporting agencies. Decisions about your loan application will likely be made using your FICO credit score, as well as other information you provide.
