Credit Scores

Learn more about credit scores. Wheather you are just starting out or trying to get back on track we can help you better understand your credit score and how to improve it.

Learn About Credit Scores

Learn about credit scores and how they are used in day to day life.

Latest Articles

28 mins read

What is a Credit Score: Definition, Factors and How to Improve It

Your credit score is a tiny number that has a big impact on your life. But what is a credit score, where does it come from, and how can you change it?

What Credit Score Do I Need to Rent an Apartment?

5 mins read

15+ Credit Score Statistics for 2023

9 mins read

VantageScore 3 vs FICO 8 Credit Score: One Person’s Experience

Wonder the difference between VantageScore 3.0 vs FICO Credit Score 8? I have created multiple comparison charts with my scores for all three credit bureaus.

The Average Credit Score by Age, Race, State, and Year (2023)

Take look at data on demographic trends in credit scores and see what the average credit score looks like by age, race and state.

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FAQs

What is a good credit score?

A VantageScore between 700 and 749 and a FICO score between 690 and 719 usually fall into the “good” credit score category.

Learn more about credit score ranges
How many people have a perfect credit score?

Having the perfect credit score seems like the ultimate goal, but credit score statistics show that only 1.2% of Americans have an exceptional credit score of 850.
When were credit scores invented?

The prototype of the modern credit scoring system was invented in the 1950s when Bill Fair and Earl Isaac, a mathematician and an engineer, formed Fair, Isaac, and Company. It wasn’t until 1989 that FICO created the first iteration of the modern credit scoring system.

Read more on when and why were credit score invented
What countries have credit scores?

Some countries have credit scores and some don’t. While most countries have their own credit bureaus which use different methodologies to evaluate borrower risk, very few rely on a credit scoring system like the one used in the US.

Read more on how different countries use credit scores
What is a rapid rescore?

The rapid rescore process accelerates updates to your credit report, usually to boost your credit score after making positive changes that lenders haven’t reported yet. Consumers often use it to lower their interest rate on a time-sensitive loan like a mortgage.

Learn more about rapid rescore
Where can I see all my FICO scores?

Currently, the only place where you can get access to all your FICO scores is myFICO, the official consumer division of FICO.

The content on finmasters.com is for educational and informational purposes only and should not be construed as professional financial advice. Finmasters is not a financial institution and does not provide any financial products or services. We strive to provide up-to-date information but make no warranties regarding the accuracy of our information.

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