What Does My Credit Score Mean?

Your credit score is a key factor in your financial well-being, providing a glimpse into how well you manage your financial obligations. When you apply for a credit card or loan, lenders use your credit score to assess the likelihood that you’ll repay your debts on time. This score is based on information found in your credit reports, which include details about your past and current dealings with credit, such as account statuses, balances, payment history, and credit inquiries.

How to Check My Experian Credit Score

To get an idea of what your credit profile looks like, you can check your FICO® Score powered by Experian data for free. Here’s how:

1. Get started: Visit Experian’s website and click on “Check your FICO® Score for free.” Provide the last four digits of your Social Security number and your phone number.
2. Verify your personal details: You’ll receive a confirmation link in a text message. Click on the link, then return to your browser. Enter or confirm your personal information, including your name, date of birth, full Social Security number, and address.
3. Create your account: After entering your personal information, create login credentials using your email address and a password. Proceed to create your account.
4. View your dashboard: Your FICO® Score 8 appears on your main dashboard when you log in to your account. Click on your score to get more details about the factors impacting it and a summary of your debt.

Note that you can also download the Experian mobile app and register there instead of through your desktop browser.

Understanding the 5 Credit Score Factors

There are five main categories of credit activity that impact your FICO® Score:

• Payment History (35%): Paying your bills on time is crucial for establishing a positive payment history. Missing a single payment by 30 days or more can significantly impact your credit score.
• Amounts Owed (30%): This category looks at factors such as credit utilization on your credit cards, the overall amount owed on all accounts, and the number of accounts with a balance.
• Length of Credit History (15%): The age of your oldest and newest accounts, as well as the average age of all accounts, are considered in this category.
• New Credit (10%): Each time you apply for credit, a hard inquiry is made on your credit report. FICO considers these inquiries and how long it’s been since you opened a new account.
• Credit Mix (10%): Managing different types of credit responsibly can help improve your credit score. This includes credit cards, auto loans, and mortgage loans.

How to Check What Factors Are Affecting My Experian FICO® Score

Your free Experian account provides key information about which factors are influencing your FICO® Score. You can review these factors through your online account or the Experian mobile app. Click or tap on your FICO® Score or the Credit menu, then scroll down to the Score Ingredients section to get a rating for each of the five FICO® Score factors.

How to Use Your Credit Score

Whether you’re trying to build credit or maintain a good credit score, it’s a good idea to monitor your credit regularly. Here are some things you can do with your Experian FICO® Score:

• Track your progress: Credit scores can fluctuate in the short term, but you can track trends in your FICO® Score over time to determine how well you’re doing with your goals.
• Determine your next steps: Breaking down your score ingredients can help you understand exactly which areas are holding you back from seeing the improvements you want.
• Spot inaccuracies: As you review your FICO® Score and credit reports, look for potentially inaccurate information that could be hurting your score. If you find something, you have the right to file a dispute with the credit bureaus or contact the company that provided the information to have it corrected.

Get More Help With Free Credit Monitoring

In addition to your Experian FICO® Score, you’ll also get free access to your Experian credit report when you register. Experian can provide customized alerts when changes are made to your report, making it easier to stay on top of your credit health and address potential issues as they develop. Experian’s credit monitoring service is free and can give you an advantage as you work to build and maintain a strong credit profile.

Contact O1ne Mortgage for Expert Mortgage Services

At O1ne Mortgage, we understand the importance of a good credit score when it comes to securing a mortgage. Our team of experts is here to help you navigate the mortgage process and find the best loan options for your needs. Call us today at 213-732-3074 for any mortgage service needs. Let us help you achieve your homeownership dreams with confidence.