FREE CREDIT SCORE
Know what’s up with your credit.
Feeling lost when it comes to your credit score? Spruce breaks it down for you.
Start your credit journey.
Visit the credit tab in the app to complete the simple activation process. After that, you can view your FICO® score any time. You’ll also be able to tap into monthly updates and additional information about the factors that could be impacting your score.
See your score — and more.
Did you know there are five primary factors that combine to make up your credit score? Spruce helps you learn more about each of the five areas so you can make wise, informed financial decisions.
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Making up 35% of your score, this is the largest of the credit score factors. A history of making credit card and loan payments on time lets creditors know it’s safe to lend to you. Missed or late payments can lower your score.
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Find your credit utilization ratio by dividing how much you owe on your credit cards by your total available credit. How much credit you’re currently using has a big impact on your score. The lower the ratio, the better.
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Your credit history factors in the age of your credit accounts. Potential lenders often consider how long you’ve held your existing credit accounts to help determine if you are reliable and consistent.
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Too many new credit accounts and hard credit checks could flag you as a risky borrower. To maintain a healthy score, avoid opening multiple credit accounts in a short period of time.
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The types of credit you have are known as your credit mix. They can include installment accounts, such as car loans, and revolving accounts, such as credit cards.
Why is your credit score so important?
Whether you’re renting an apartment, applying for a car loan, or opening a new credit card, your credit score determines what financial options are available to you. By staying informed, you always know where you stand. And that’s a good habit for financial health.
FAQs
A credit score is the number lenders use to assess your credit worthiness. It’s based on information in your credit report, such as your payment history, the amount of debt you have, and the length of your credit history. Your credit score is important because it can impact rates and terms on loans, credit cards, housing, and even jobs available to you. A credit score can also play a role in determining insurance rates, which plays a part in how much money you can save.
Your credit score is tied directly to the financial decisions you make, such as how much debt you have, how long you’ve had credit, and how often you made payments on time. These decisions help lenders evaluate whether to lend you money or not.
A credit score ranges from 300 to 850. A higher credit score means you are a lower risk to lenders and are more likely to be approved for loans and credit cards with lower interest rates. A lower credit score means you could have a more challenging time borrowing money, or only be approved for loans with higher interest rates.
Spruce offers free credit score and insights to help you stay on track and understand your score regardless of the number.
No. Your credit report is not accessed for the Spruce application, which means applying for or opening your Spruce accounts will not impact your credit or credit score.
There are several ways to check your credit score, including checking your FICO credit score as often as you like for free with Spruce. To get started, see the Credit tab in the app or online.
Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward®, N.A., Member FDIC, pursuant to license by Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
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