Payment history: How well you pay your debts on time. This is the most important factor that makes up your credit score. The key to having a good payment history is maintaining a track record of on-time payments. Then it’s more likely your credit score will be higher.
Amounts owed: How much of your available credit you use every month. Keeping your credit balances low relative to your credit limits makes you a responsible borrower in the eyes of lenders. For example, it’s a good practice to keep your credit card balance lower than 50% of your credit card limit each month.
Credit history: How long your credit accounts have been open. The longer you use credit, the better overall picture a lender can get of your credit worthiness.
Credit mix: How many different types of credit (credit card vs. loan) you have. Showing good payment history on different types of credit products, like a 5-year car loan and credit card payments, demonstrates a well-rounded credit worthiness for lenders.
New credit: How many recent inquiries have been made on your credit report. Lenders understand that consumers need to apply for credit to make purchases, but if there are a lot of credit applications on your credit report, it can hurt your credit score. Try to keep credit applications down to 2-3 a year, at most.
How can I check my credit score and credit report?
You can get your free annual credit report by visiting http://www.annualcreditreport.com. With the GO2bank™ Secured Visa® Credit Card, you also have access to your free monthly credit score from VantageScore® powered by Equifax®. There are other ways to get access to your credit score by visiting the Experian®, Equifax®, or Transunion® websites. Your credit score might be different between credit bureaus and might change month-to-month.
All of our GO2bank customers have free access to their FICO® Score and Experian credit file when they enroll in Experian Credit Care Advantage™.
How do I know if I have a good or bad credit score?
Each credit bureau will tell you whether your credit score is good or bad when you access your score, but the guide below can help give you a better idea of the score ranges.
How can GO2bank help me build credit?
Don’t worry if you don’t have any credit yet or your credit score isn’t all that great– it’s never too late to build your credit. Building credit has never been easier with the GO2bank Secured Visa® Credit Card.
But remember, making your payments on time each month is the key to building credit.
Never miss a payment on your GO2bank Secured Credit Card with auto pay. Sign up and have your payments automatically deducted from your GO2bank account on the date you choose. Setting up auto pay is fast and easy.
No matter where you are on your credit building journey, we’re here to help. Learn more about how we can help give your credit an extra advantage.
