A New Way To Think About Your Credit Score
Your exact credit score matters less than the general tier it falls into. You want your credit score to reach key thresholds, like 650 or 700, to qualify you for apartments or loans. Because you have multiple credit scores, lenders evaluate you based on broad credit categories rather than a single exact number.
Transcript
[ELLEN] Your exact credit score doesn't really matter. [SUE] I’m just always checking it because I’m always worried it’s either going to fall… well it’s not, it’s not gonna fall but you know, it’s important like you can get an apartment with it and stuff like that. [ELLEN] When you think about your credit score, you often think about a single number. My credit score is 640, but that's not really true. [ELLEN] You may be looking at one score, but you do have other credit scores. If you're getting your credit score from somewhere like CreditWise by Capital One or Credit Karma, that's actually much more likely to be your Vantage score than your FICO score. [ELLEN] Your exact credit score doesn't really matter. It's really, is your credit score at least 700? Is your credit score at least 650? And that can classify you as whether you have good credit, okay credit or maybe have had some credit challenges. [ELLEN] I am the Chief Credit Officer here at Possible Finance. My name is Ellen Falbo.
More in this series
Credit Invisibility: What It Means and How to Fix It
1:41
What Impacts Your Credit Score?
1:31
Does Taking Out a Loan Improve Your Credit?
1:09
How Credit Card Interest Works
1:07
Avoid Credit Card Interest Using the Grace Period
1:31
Do You Need to Carry a Balance to Build Credit?
1:06
Fix Credit Report Errors and Dispute Inaccuracies
0:46
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