Frequently Asked Questions
What is My Healthy Credit Score?
My Healthy Credit Score is a Web site designed to give people information they need to improve their credit scores and to help people reduce their debt.
Can I improve my credit score?
Yes! Anyone can improve their credit score. A brighter financial future is available to anyone who is willing to follow a few steps to repairing their score.
What can I do to improve my credit score?
The most important thing a consumer can to improve a credit score is to pay any “loans” on time. Lenders (mortgage, credit cards, auto loans) report regularly to credit reporting agencies, and those are the most important bills to pay on time. Most experts agree all credit score improvements start with a good plan.
What is a good credit score?
Credit scores, also known as FICO scores, range between 350-850. Lenders reserve the best rates and offers for consumers with credit scores higher than 750, which is the “excellent” category. However, a good credit score is above 720.
What is a bad credit score?
Credit scores, also known as FICO scores, range between 350-850. Lenders consider a poor credit score anything below 620. However, you are not stuck with a bad credit score, you can take steps to improve your credit score.
How long does it take to improve a credit score?
You can improve a credit score in as little as a month. However, if your credit is poor, it can take a year or more to elevate your credit rating to “good” or above.
Where can I get my credit score?
By law, the Federal Government allows consumers to get a free credit report from the major credit agencies once per year. The agencies are Experian, Transunion, and Equifax. When requesting the credit report, these companies will also offer a monthly credit reporting product for a fee that will allow you to monitor your credit score.
Do I need to reduce my debt to raise my credit score?
Reducing debt will raise your credit score. The score factors in how much unused credit you have (reduced debt), and payment history (on-time). Both factors are important.
Will consolidating my debt raise my credit score?
Maybe. If a debt consolidation loan helps ensure that you can manage your payments, and make payments on-time a debt consolidation loan may be right for you. Be careful to understand how these loans work before you take this step.
