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Credit Scores 101

12/14/2023 - Financial Wellness & Life Planning, Credit Scores, WesBanco Wellness Series, Let's Talk Credit

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WesBanco Wellness: Let's Talk Credit

Credit Scores 101

Your credit score affects whether you can get a loan or credit card, how much you can borrow, and what rate you’ll pay. Here’s what you need to know about that 3-digit number:

Credit Scores infographic. A speedometer showing different credit score ranges. 300-579 is Poor. 580-669 is Fair. 670-739 is Good. 740-799 is Very Good. 800+ is Excellent.

The 5 Factors That Affect Your Credit Score1

35%

Payment History

Paying on time
raises your score.
Late payments
lower it.

30%

Credit Use

Don’t max out
credit cards. Aim
to use less than
30% of your
available credit.

15%

Credit History

The longer you’ve
had credit, the
better. If you haven’t
started building
your credit, now’s
the time

10%

Types of Credit

Credit cards. Car
loans. A mortgage.
Having a mix of
credit types helps
your score

10%

New Credit

A lot of new credit
inquiries in a short
period of time can
lower your score.

How Do I Build Credit?

A good credit score has a major impact on your finances, so it’s important to start out strong. In this Coach session, learn how to build a credit score for the first time or boost an already decent score, and create a plan with options that work for you. To begin, select Get Started. Follow the prompts, answer the questions, and provide information when asked.

 

Your Path to Building a Better Credit Score

Now that we have covered what goes into your credit score, it may be easier to visualize the path you could take on your credit building journey. From getting the best cell phone plans and securing an apartment lease to getting a great rate on a mortgage or car loan, your credit score can help you leverage great deals. Here’s your map to put you on the path to a better credit score.

Roadmap to building better credit infographic. (1) Get a secured card. (2) Use 30% or less credit. (3) Pay your bills on time. (4) Take out an Auto loan. (5) Check your free credit score. (6) Keep your taxes in check. (7) Take out a mortgage.

 

1 Credit data used to calculate a FICO® Score, the score used in more than 90% of lending decisions.

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Banzai, Strategy Academy nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai, Strategy Academy and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai, Strategy Academy and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.

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