Your credit score is one of the most important numbers in your life.

You can think of it as the grade you receive for how responsible you have been with managing your loans and other financial obligations over time. Your credit score is important because it affects your ability to borrow money and the cost of doing so. A top credit score will get you the best rates, 最高信用额度, 以及总体上最伟大的交易.

五个因素

Your credit score is made up of five factors that tell lenders what the risk of lending to you is. These include payment history, credit utilization, length of history, inquiries, and types of credit. Explore this section to understand how each factor can play an important role in your score.

支付历史| 35%

The first thing a lender will want to know is if you have made your credit payments on time. This is the most important factor of your credit score. 信用卡, retail accounts (department store 信用卡), 分期贷款(如汽车贷款), 个人贷款及学生贷款), 金融账户, 抵押贷款也被考虑在内. Your payment is considered late 30 days past the due date.

信贷使用率| 30%

The amount of credit you use compared to your total limit allows lenders to understand how heavily you rely on your lines of credit. It is important to keep your credit card balances low. If you overextend, financial institutions may perceive you as a risky borrower.

历史长度| 15%

Those who have longer credit histories and limit their requests for new credit typically will have higher scores because they pose less risk to lenders. You should keep lines of credit open, regardless if you use them or not.

咨询| 10%

When you apply for new credit such as loans, 信用卡, 房产保险, 或者新的公用事业, 一项艰难的调查被拉了出来. Too many hard inquiries in a short time period can negatively impact your score. 然而, multiple inquiries within a 45 day period when shopping for a vehicle, 学生贷款, 或者抵押贷款只算一次查询. There is no penalty for checking your report through an organization authorized to provide credit reports, 例如元素, 或在线annualcreditreport.com.

信贷类型| 10%

The mix of 信用卡 and installment loans that you have is important. Lenders like to see a history of on-time payments across each type of accounts to prove you can effectively manage your finances. 

信贷最大的神话

It's hard to improve your credit score if you don’t know what it is. Many people believe the myth simply that checking your credit score will make it decrease. This is far from the truth, as Soft Inquiries - like checking your score - have no impact. 然而, Hard Inquiries - like applying for a credit card can make it decrease slightly. 好消息是? It typically bounces right back after a couple of months.

高科技. 人类接触.

High Tech: Access Your Credit Score Online

Want to review where your credit score stands? 如果你有一个元素支票账户, 信用卡或贷款, you can view your credit score for free within online and mobile banking. 元素 updates your credit score monthly. Remember that viewing your score here will not impact it, so visit online or mobile banking as often as you want.

Human Touch: Review Your Report with a Credit Expert

Let the credit experts from 元素 help you understand the information on your credit report, look for ways to increase your overall credit score, and help identify ways to use credit to improve your financial life. This is a soft inquiry and will not impact your score. Contact your Branch or Relationship Manager to schedule an appointment for a 30-minute one-on-one discussion.

This information is provided for informational purposes only. It does not constitute legal, tax or financial advice. Consult with your tax, legal or financial adviser before taking any action.