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11 Facts About Credit Scores You Should Really Know

You might be surprised by what you don't know! CreditWise is a new tool from Capital One that gives you free access to your credit score and helps you understand the factors that affect it. Find out more.

1. You need to understand WHAT a credit score is. In effect, a credit score helps lenders determine how trustworthy you are to lend money to.

2. Your credit score is checked when you apply for many different things – everything from a car loan to a mortgage to a new credit card and even a mobile phone plan!

3. It's possible to have multiple credit scores at the same time.

4. Your credit score changes over time based on your financial habits and behaviours.

5. Your credit score is not a judgement of your success or intelligence.

6. One way to improve your credit score is to use credit responsibly over a long period of time.

7. Being on the Electoral Roll is a fast and simple way to help lenders verify your identity for credit purposes.

8. Credit builder cards exist to help you start building your credit history or improve a poor credit score.

9. Missing a payment on anything (mortgage, credit card, utilities) may lower your score.

10. Having too much existing credit may lower your credit score.

11. Lastly, it's a good idea to keep an eye on your credit score.

Managing your credit score is something you can learn to do more effectively. CreditWise is a new tool from Capital One that gives you free access to your credit score and helps you understand the factors that affect it. Find out more.