Your credit score is a 3-digit number assigned to you by the credit reporting agencies based on your credit history. It is in the range 300-850. Whenever you apply for credit, the bank reviews your credit score and decides how creditworthy you are. A good credit score can help you negotiate lower interest rates. Get your credit score to work in your favor.
- How often does my credit score get updated?
The credit score report is generated once a quarter. The ‘Next Update’ time on the top right corner of the report, will indicate the next time when your credit score will be updated.
- Who generates this report?
Quicken has partnered with Equifax to get this report for you.
- If I register for Credit score report through quicken, will it affect my credit score?
No. If you get your credit report yourself or go through an agent such as Quicken, it’s called a soft inquiry and it does not affect your credit score.
- What happens if I get locked out while registering for the credit score report?
It is possible that Quicken locks you out during registration, for security reasons. This happens if you enter incorrect information. Quicken may also lock you out if you attempts to register for the service too frequently. That said, there is nothing to worry if you get locked out. This doesn’t impact your credit score, nor does it lock you out permanently. Please come back and try later.
- What details would my free credit report have?
The free credit report would have the following details, apart from the score itself:
- Credit Usage: credit usage shows how much you spend on your credit cards as a percentage of your total available balances (your credit limits) for all of your credit cards. A high percentage could indicate that you don’t have your spending under control and could be a greater risk for defaulting on your payments. Try to keep your credit card usage under 30%.
- Payment History: payment history plays a critical part in determining your score. Making your payments on time shows potential lenders how reliable you are in paying back what you owe. Be sure to make all of your payments on time (even if it's just the minimum payment due), and remember that other types of credit payments such as those for student loans and auto loans affect your score.
- Age of Credit: the age of credit is the average amount of time you've had all of your open credit accounts. It measures the longevity of your credit history. Opening several accounts in a short period of time may indicate a great level of risk, so avoid opening lots of credit accounts unless you really need them. Be sure, also, to keep your old accounts open with a good payment history for each.
- Total Accounts: total accounts is the number of accounts you have, which may be an indicator of how creditworthy lenders think you are. Don't go crazy and open a lot of accounts, though, because the average age of credit is more significant than number of accounts when calculating your credit score.
- Credit Inquiries: credit inquiries is a count of all hard credit inquiries place on your credit report. What makes an inquiry "hard" is when you authorize a lender to get your credit report for their benefit, so they can evaluate you when you apply for a credit card, a loan, or other form of credit. If you get your credit report yourself or go through an agent such as Quicken, it’s called a soft inquiry and it does not affect your credit score.
- Derogatory Marks: derogatory marks are indications of poor financial behavior in the past when it comes to being responsible about credit. These include accounts in collection, liens, and bankruptcies – things potential creditors are definitely wary about. Sometimes things like this happen and they’re beyond your control but if you can, by all means do your best to keep these things from happening. No matter the reason, these negative marks will likely stay on your credit report for seven years or more.