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Understanding Your Credit Score and What Impacts It

Your credit score is more than just a number—it’s a snapshot of your financial health. Whether you’re applying for a loan or a credit card, or even renting an apartment, your credit score plays a vital role.
 

What’s a Credit Score? 

Think of your credit score as a report card for your finances. It’s a number (usually between 300 and 850) that shows lenders how responsible you are with credit. The higher your score, the better!
 
  • 800 - 850: Exceptional
  • 740 - 799: Very Good
  • 670 - 739: Good
  • 580 - 669: Fair
  • 300 - 579: Poor
 

Why Does It Matter?

  • Loan Eligibility: A higher credit score could increase your chances of loan approval.
  • Interest Rates: Lower scores may result in higher interest rates on loans and credit cards.
  • Financial Opportunities: Some employers and landlords consider credit scores when making hiring or rental decisions. 
 

What Affects this Score?

High Impact Factors
These carry the most weight and should always be your top priority when managing your credit. (65% of your score is based on these variables.)
  • Payment History: Pay bills on time, every time.
  • Credit Utilization: Try to use less than 30% of your available credit – 10% is even better.
  • Negative Public Records: Bankruptcies, foreclosures, or accounts in collections can stay on your report for years.
 
Medium Impact Factors
These influence your score, but not as much as the factors above. (25% of your score is based on these variables)
  • Credit History Length: The longer you’ve had credit, the better.
  • Credit Mix: A mix of loans and credit cards can help (e.g., credit cards, auto loans, student loans).
 
Low Impact Factors
These have the least effect but can still add up over time. (10% of your score is based on these variables)
  • New Credit Inquiries: Applying for too much credit in a short amount of time can lower your score.
  • Closed Accounts: Closing an old account could reduce your credit history length or increase your utilization rate. 



Find your credit score and more about your specific financial situation under My Credit Manager1 in Digital Banking.



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