What Can Affect Your Credit Score?

Credit information can influence borrowing decisions, but there is no single universal score or underwriting formula.

What to keep in mind

Payment history, balances, account age and recent applications are among factors commonly associated with consumer credit profiles.

Review credit reports for information that appears inaccurate and use the appropriate dispute process when necessary.

Lenders can consider income, obligations, collateral and their own standards in addition to credit information.

Questions worth asking

• What is the total cost, not only the monthly amount?
• Which terms can change over time?
• What fees, exclusions or eligibility requirements apply?
• How does this fit the broader household budget?

Bottom line

Use this guide as a starting point, then verify current terms with the relevant provider or primary source before making a financial commitment.

Sources & further reading

• Consumer Financial Protection Bureau — consumer resources