Your payment history isn't the only thing that affects your credit score.

What is good credit? How to check your score.

  • Credit scores depend on account history, missed payments and number of accounts.
  • Average credit score data shows that older people generally have higher scores.
  • Learning more about risk factors and how credit reports are created can help improve your score.

Credit scores dominate spending and decisions, but few people know the ins and outs of this looming figure.

FICO created the first credit score model in 1989, and it is known today as the most widely used and accepted credit score. While FICO provides the algorithm for credit scoring, the three major credit bureaus – Equifax, Experian, and TransUnion – provide data for credit reports.

Rod Griffin, senior director of education and consumer advocacy at Experian, suggests creating a plan before opening a line of credit.

“Credit is a financial tool, debt can be a financial problem,” says Griffin.

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What is a good credit rating?

According to Experian, about 67% of Americans have a FICO credit score of 670 and above, classifying them as “good”, “very good” or “outstanding”.

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