Watching Your Wallet: Understanding credit scores

FRESNO, Calif. (KFSN) -- It's a three-digit fig that tin power your borrowing powerfulness and tin acceptable you up for occurrence erstwhile making large purchases, including a car oregon a home.

Lenders usage your recognition people to find however apt you are to wage a indebtedness backmost connected time.

"You privation those banks to beryllium chasing aft you to springiness you those amended offers due to the fact that that conscionable puts you successful the driver's spot for your fiscal life," says Chief Investment Officer Taylor Whelan of Whelan Financial successful northwest Fresno.

Whether it's a indebtedness oregon a enactment of credit, Whelan says precocious recognition scores tin springiness you the quality to get connected amended terms, including a little involvement rate.

"Every dollar that you don't wage successful involvement goes backmost into your pocket, that if you put properly, you tin crook it into much dollars for you," Whelan said.

Scores scope from 300 to 850 and alteration depending connected borrower behavior. Think outgo history, recognition utilization and magnitude of recognition history.

That information is maintained by 3 large US user reporting agencies: Equifax, TransUnion and Experian.

As of April 2025, the nationalist mean FICO people is 715, 2 points little than a twelvemonth ago, but inactive considered successful the "good" range.

As for however to physique credit, Kikoff CEO Cynthia Chen says recognition past isn't exclusive to having a recognition card.

"If you are a renter, you tin get your rental past reported to the 3 large recognition bureaus and get recognition for that," she said.

Chen says 1 of the astir communal recognition people myths is the content that you request a precocious income for a precocious recognition score. She says that's not true.

On-time measure payments, particularly a cleanable outgo past connected a mortgage, tin besides enactment successful your favor.

"With hard work, accordant outgo behaviors, they tin person a bully recognition people good supra 700," Chen said.

There are apps to show your credit, including Credit Karma.

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