Credit history is the evidence of using credit, over time. So what happens if you don’t have much of that?
The best thing to do is to start now! The sooner you start building credit history, the better your credit will be when applying for things like mortgages, credit cards and loans in the future.
Putting savings aside doesn’t contribute to your credit history — but it can with Loqbox! With Loqbox you can use your savings towards building a better financial future, today.*
Equifax, Experian, and TransUnion are the three main credit bureaus in the US. They each hold a report of your credit history and this information helps to contribute toward your credit scores.
They each have their own scoring model, along with the popular FICO and Vantage models — so you have multiple credit scores, not one. FICO is so popular that people mistakenly use the term ‘credit score’ and ‘FICO score’ interchangeably.
You’re entitled to a free report of your credit from annualcreditreport.com once a year.
If you’d like to check your credit report more frequently, then you can use these links:
- Credit Karma (uses TransUnion and Equifax data)
- Credit Sesame (uses TransUnion data)
- Credit.com (uses Experian data)
Keep in mind.
Different lenders use different scoring models. Some are industry specific, or use the Vantage scoring system. But the most popular is the FICO (Fair Isaac Corporation) score. FICO scores range on a scale of 300-850, and generally speaking, 670-739 is considered a ‘good’ score.
Because you don’t know exactly which lender will use which scoring model, it’s worth building your credit history and financial health as a whole to help improve them all.
You’re entitled to a free report of your credit from Improving your credit history can save you $1,000s on mortgages, loans and credit card interest. But what about the other way around? Can you use savings to build your credit? Traditionally, saving money wasn’t a way to build your credit history. However if you’re a regular saver (or would like to be) read on. Because we have a way you can put your money to good use when it comes to building your credit!
Build your credit history without the hassle, with Loqbox*. And save your way to an improved credit history to get you ready for your financial future.
Read more about how it all works here.
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