3 Credit Score Frequently Asked Questions

Question: How can I find out my credit score?

Answer: There are three nationwide credit agencies (EquifaxExperian and TransUnion) that can provide you with your free credit history. Once every 12 months, you can order your report, which will have your score, at AnnualCreditReport.com. After finding out your score, make sure everything is accurate. If you find any errors make sure you file disputes to get them removed.

Question: What is the lowest credit score I can have and still get a loan?

Answer: According to Bankrate.com the answer depends. Most lenders today practice tiered pricing, with interest rates rising as scores go down. In order to attain the best interest rate you need to have a higher credit score, so it would be advantageous to get your credit score up prior to getting a loan to reduce the amount you are paying towards interest. Credit scores 690 and below can still get a loan, just with higher rates.

Question: What can I do to improve my credit score?

Answer: You can improve your credit scores through responsible credit management. First find out what the credit report companies are saying about you, then check the report for any inaccuracies. Access the last two years of your credit history and focus on improvements you can make over the next six months. Avoid any credit repair scams and be realistic about how you’re going to fix any problems. If you are focused and committed to fixing your credit report, you can do it.