How your credit score is calculated – really

There’s a lot of financial information available at our fingertips, but it’s important to know what’s a fact and what’s fiction. Take understanding what affects your credit score. Do you really know how it’s calculated?

Check out the video below where we bust a common myth about credit scores.

Learn how you can monitor your credit score with Spruce for free. Get started with Spruce today.

This information provided for general educational purposes only. It is not intended as specific financial planning advice as everyone’s financial situation is different.


Listen — You may have heard some myths out there about credit scores … like the only thing you need to worry about is paying bills on time.

Ya, that’s important – but if you care about good credit, you need to know the full story. Why? Because good credit is key. The higher your score, the better – because it’s a huge determining factor for things like getting approved for credit cards, loans, and such.

So, how is your credit score calculated?

There are 5 factors that make up your credit score — and some are a bigger deal than others.

  • Paying your bills on time is huge. But here’s what else affects your score:
  • How much you owe across lines of credit
  • How long you’ve had a credit history
  • How often you’re applying for new credit
  • What types of credit you have

Spruce can help you keep tabs on your credit score. Want to know more? Visit Spruce

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