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The best credit score and credit report
Collin Brennan is a senior editor at Credit Karma. Today, Collin covers the basics of credit scores and credit reports, explaining how scores are determined, why it’s important to check your scores regularly and how you can improve them. He offers actionable advice on building a credit history when you have a “thin file” and dealing with potential data breaches. Listen in to learn what counts as a “good” score, the difference between a hard inquiry and a soft inquiry, and the free tools Credit Karma provides.
Get your best credit score after listening to this Queer Money:
Credit Karma is a free online service that gives you the tools, education and opportunities you need to understand your finances. They offer free access to your credit score, reports and monitoring, as well as informative content that allows you to make informed financial decisions.
Topics covered to help you get the best credit score
Credit Score 101 and How to Get the Best Credit Score
- The three-digit number indicates how likely you are to repay your debts
- Based on payment history, credit utilization, number of accounts, hard inquiries, etc.
- Multiple for each person (FICO offers 28 optimized for different credit decisions)
- Three offices: Equifax, Experian and TransUnion
Why it’s important to check your credit score regularly
Why a high credit score is important
- Affects whether the best credit cards are approved
- Determines the interest rate for loans
- The landlord may serve as a reference
How to build your credit history
- Add parent card as an authorized user
- Secure a co-signer
- Get one secured credit card (requires cash deposit)
The difference between bad credit and the best credit
- Different lenders have different standards
- Scores range from 300 to 850
- 700 is generally considered “good”
- 780 and above is ideal
The tools and resources available at Credit Karma for the best credit score
- Free credit scores
- Free credit monitoring
- Direct dispute
- Educational resources
- simulator
- ID monitoring
- Automatic assistant
How to deal with data breaches
The difference between a hard request and a soft request
- Hard inquiries negatively impact credit scores and remain on the report for two years
- Gentle inquiries do not impact scores (e.g. score checks, pre-qualified credit card offers, background checks).