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.
Move on to finding a home
How much home can you afford?
Take the first step and get prequalified.
