{"id":355,"date":"2021-08-22T09:45:12","date_gmt":"2021-08-22T09:45:12","guid":{"rendered":"https:\/\/tfolifeacademy.com\/tfowealth\/?post_type=read_it&#038;p=355"},"modified":"2023-08-24T10:11:07","modified_gmt":"2023-08-24T10:11:07","slug":"crack-the-code-on-credit-scores","status":"publish","type":"read_it","link":"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/","title":{"rendered":"Crack the Code on Credit Scores"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]A credit score is a little like a financial report card. It\u2019s used by creditors (banks, credit card companies and others who might lend you money) to assess your \u201ccreditworthiness\u201d; how likely you are to pay back what you borrow. Your credit score can impact your life in more ways than you might think, as it doesn\u2019t just affect whether a bank will give you a loan to buy a car, what interest rate you will pay, or if a credit card company will issue a card you\u2019d like. It is sometimes used when you:<\/p>\n<ul>\n<li>Apply for a job<\/li>\n<li>Rent an apartment or home<\/li>\n<li>Buy insurance<\/li>\n<li>Start a new mobile phone service<\/li>\n<li>Begin utility services such as electricity or water<\/li>\n<\/ul>\n<p>An important factor in maintaining a high credit score is understanding how they are calculated. First, you need to have at least one credit card or outstanding loan that has been active for 6 months for a credit score to be generated. There are three credit reporting agencies: Equifax, TransUnion, and Experian, each with their own scoring methodology using a range of 300 to 850. While FICO (Fair Isaac Corporation) developed different scoring models for each credit agency, the factors utilized in determining each credit score are fairly consistent.<\/p>\n<p>Similar to your grades in school, where tests might be given a greater weight than homework, your credit score is a blend of different factors:<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/tdclifeacademy.com\/wp-content\/uploads\/2021\/09\/5Factors_Graphic.jpg\" alt=\"\" width=\"1000\" height=\"1036\" class=\"aligncenter wp-image-433 size-full\" \/><\/p>\n<p>There are also some services you can use to monitor and improve your credit score. There is a free one called Experian Boost. When you link your accounts, it finds your utility, mobile phone and even streaming service vendors. Timely, consistent payments of these bills can raise your score.<\/p>\n<p>As one of our team members said \u201cWhen I first started using credit cards, I had no idea that the number of cards I had, how I used them, and how long I took to pay them off would have such an impact on my ability to borrow years later for things like a car or a house. If I\u2019d paid more attention earlier, I probably would have been able to get a lower interest rate on some of my past loans and would have saved myself a ton of money.\u201d Understanding how your credit score is calculated will allow you to take the necessary steps in developing good habits necessary to maintain a healthy score which in turn will provide financial benefits in the long run.<\/p>\n<p>95WP &#8211; 2023.08[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>We break down the factors utilized to calculate credit scores and the actions you can take that have the greatest impact. Maintaining a high credit score is essential to good financial health and can have long-term benefits.<\/p>\n","protected":false},"featured_media":356,"template":"","read_it_category":[17],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crack the Code on Credit Scores - TFO Life Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crack the Code on Credit Scores - TFO Life Academy\" \/>\n<meta property=\"og:description\" content=\"We break down the factors utilized to calculate credit scores and the actions you can take that have the greatest impact. Maintaining a high credit score is essential to good financial health and can have long-term benefits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/\" \/>\n<meta property=\"og:site_name\" content=\"TFO Life Academy\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-24T10:11:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tfolifeacademy.com\/tfowealth\/wp-content\/uploads\/2023\/08\/post42.png\" \/>\n\t<meta property=\"og:image:width\" content=\"428\" \/>\n\t<meta property=\"og:image:height\" content=\"243\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/\",\"url\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/\",\"name\":\"Crack the Code on Credit Scores - TFO Life Academy\",\"isPartOf\":{\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/tfolifeacademy.com\/tfowealth\/wp-content\/uploads\/2023\/08\/post42.png\",\"datePublished\":\"2021-08-22T09:45:12+00:00\",\"dateModified\":\"2023-08-24T10:11:07+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/#primaryimage\",\"url\":\"https:\/\/tfolifeacademy.com\/tfowealth\/wp-content\/uploads\/2023\/08\/post42.png\",\"contentUrl\":\"https:\/\/tfolifeacademy.com\/tfowealth\/wp-content\/uploads\/2023\/08\/post42.png\",\"width\":428,\"height\":243},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tfolifeacademy.com\/tfowealth\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crack the Code on Credit Scores\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tfolifeacademy.com\/tfowealth\/#website\",\"url\":\"https:\/\/tfolifeacademy.com\/tfowealth\/\",\"name\":\"TFO Life Academy\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tfolifeacademy.com\/tfowealth\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crack the Code on Credit Scores - TFO Life Academy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tfolifeacademy.com\/tfowealth\/readit\/crack-the-code-on-credit-scores\/","og_locale":"en_US","og_type":"article","og_title":"Crack the Code on Credit Scores - TFO Life Academy","og_description":"We break down the factors utilized to calculate credit scores and the actions you can take that have the greatest impact. 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