These records stay on your credit report for seven years, and bankruptcy filings can stay on your credit report for up to ten years.

Your history includes how consistently you make on-time payments, if you’re late, how many days late you’ve been, and whether any of your accounts have gone into default. Typically, your payment history is considered by credit reporting companies as the most important factor because it indicates to lenders how you might repay a loan. Factors may include:Įach of these five factors is weighed differently when calculating your credit score. To do so, you should understand what contributes to your credit score. If your score is lower than 650, you may want to consider options to improve it. Using FICO as an example: a score of 300- 579 is poor 580-669 is fair 670-739 is good 740-799 is very good 800+ is exceptional. Each company produces an individual’s credit score based on specific criteria, but the most common credit score is FICO. There are three credit reporting companies that tabulate credit scores: Experian, TransUnion, and Equifax. Even insurance companies typically check your credit score to help determine how much they might charge you for your premium.īut what is your credit score? How does it help determine whether you’re a good credit risk? It can be pulled when you apply to lease a new apartment. Your credit score is a factor when you apply for a mortgage or car loan.

Mariner finance credit requirements