Your credit scores are calculated based on the information in your credit report. Understand the difference between credit score and credit report to get a better sense of your financial picture.
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Credit scores are used by lenders to determine credit worthiness based off various credit score ranges. Learn what the different ranges are and what they mean.
Today, these two systems operate on the same 300- to 850-point scale, and each uses similar criteria to calculate the scores, butthey weigh each item differently. With FICO, for example, your payment history represents 35% of your score; with VantageScore, it accounts for around 40%.10 T...
Of course, you can stay on top of your score manually by checking your credit reports often and reading all your statements closely. However, credit monitoring tools may help by alerting you to changes in your credit reports, like new accounts in your name. For Discover® Cardmembers, we...
When you open a new credit account, your credit score could take a hit. The more lines of new credit you try to open in a short period of time, the more your credit score will be negatively affected. New credit accounts for 10% of your credit score.6 Checking Accounts and Credit S...
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This is the number of open or active accounts available for credit. Having multiple credit lines may lower your credit score. Recent credit If you need to apply for new credit, it’s best to space it out. Applying for credit facilities within a short timespan will give the impression that...
Consider whether you should close or keep old credit accounts open. The length of your credit history also has an impact on your credit score, so even if you find yourself not using a credit product, it's often better to keep the account open. Apply for credit sparingly. Making mult...
New credit (10%):How often you apply for and open new accounts Credit mix (10%):Having a variety of installment loans and revolving credit accounts, including credit cards, auto loans, mortgages and personal loans These factors influence your VantageScore: ...