Spring into action: How your Equifax credit report & score can help you achieve some of your financial dreams
Spring has sprung! Warmer weather and longer days often go hand-in hand with some of life’s big financial decisions.
Are you dreaming of a road trip? Do you want to upgrade your skills with some university classes? Are you planning a large wedding or other family event?
If you need a credit card or loan to achieve your dreams, your Equifax credit report and score can be useful tools to help you achieve them.
Your Equifax credit score can help lenders, creditors, and others understand how likely you may be to repay a loan, make timely payments on a credit card, and pay your mortgage on time. They can use this information to help them decide whether or not to grant you a loan or a new credit card that can help you achieve your financial goals.
What is a good credit score?
Although credit scoring models vary, many lenders may consider a score around 700-750 to be good, and a score around 750+ to be excellent. Lenders tend to consider the range your score falls into. If you’re in the 750+ category, you’re in the highest possible range and effectively have an ideal score in the eyes of most lenders.
Keep in mind that even an excellent credit score doesn’t guarantee approval on all credit applications. In addition to credit scores, lenders can take many factors into account when evaluating applications for credit. These can include your employment status, your income, any other savings accounts, and other assets.
How to build a strong credit score?
If you’re thinking about applying for credit to help you with an upcoming purchase, there are a few easy steps you can take to help build and maintain your Equifax credit score:
Pay your bills on time, every time
Keep your credit card balance well below the limit
Apply for credit sparingly
Check your credit reports regularly for errors or inaccuracies
Check your Equifax credit report for accuracy
While it’s unusual for there to be errors on your Equifax credit report, they can affect your credit scores and could slow down or affect your credit application process.
Make sure you check your Equifax credit report before applying for credit. If something doesn’t look right, you can submit a dispute for free and we’ll work with you to investigate and update your credit report as applicable.
If you use a credit monitoring product like Equifax CompleteTM Premier or Equifax CompleteTM Friends and Family, you’ll receive alerts about key changes on your Equifax credit report, which can help you spot errors and potential fraud faster. We’ll also help you recover if you have been a victim of identity theft or fraud.
Ensuring your credit reports are accurate, and taking steps to strengthen your credit scores, can help you achieve some of your financial dreams — big and small.