Credit – Frequently Asked Questions

How can I get a copy of my credit report?

AmONE can help you obtain a free copy of your credit report from the credit bureaus. You can also obtain your credit report on your own. By law, every twelve months you are entitled to a free copy from each of the three major credit bureaus (Experian®, Equifax®, and TransUnion®) from the website.

What makes up my credit score?

Five components go into figuring out your credit score. The way it’s broken down is that the largest component is based on your payment history (this accounts for 35 percent of your credit score). The next largest measure is what’s called your debt-to-available-credit ratio (this makes up 30 percent). Following that is how long your credit history is (15 percent), then how many new credit applications you have recently made (10 percent). Finally, the last element to your credit score is the type of credit that is being used (10 percent). AmONE’s free service can help you to verify your credit scores, answer questions about your credit score, and even to repair your credit if needed.

How do I know if my credit score is good?

One of the three major credit bureaus, Experian, reports that the average credit score in the United States is in the high 680s on a scale of 300 to 850. To compare, people with what is generally considered prime credit are in the 700-850 range. If you have a good credit score, you are in the 650-699 range. Those with fair credit typically have a credit score between 600-649, and people with bad credit have scores in the 300-599 range. If you would like to find out what your three credit scores are for free or if you have any questions about what’s on your credit report, AmONE’s financial search specialists are available toll-free at 1-800-809-1107 to help.

How many credit scores do I have?

The fact is that there is several different credit scoring models, but most people are familiar with the scores provided by the Experian, Equifax, and TransUnion credit bureaus. You may have also heard of the FICO® Score from the Fair, Issac, and Company and the VantageScore®, offered by the three major reporting agencies.

How do I improve a credit score?

First, you should know that there is no fast and immediate way to fix your credit. If you find out there are mistakes on your credit report, it will usually take about 30 days for those errors to be removed. While this doesn’t guarantee that your credit score will improve, you may still see an improvement depending on your overall credit situation. In addition, if there aren’t any errors on your report and everything is accurate, the only sure way to raise your credit scores is to pay your bills on time and to have a mix of accounts in good standing. AmONE can help you learn more about how to improve your credit and the steps you can take to raise your score.

What is my credit score used for?

Your credit score can be used for everything from getting a new apartment, a new credit card, or a loan. Lenders use your credit score to figure out if you would be a good credit risk to them. For the vast majority of lenders, the higher your credit score, the better a borrower you seem to them. This means that, in general, you can obtain more money with lower interest rates. However, if you have bad or poor credit, there are still loan options available for you. AmONE’s free service can help you to improve your credit and to obtain the financing you need.

Does everyone use the same credit score?

This is a tricky question, but for the most part, the answer is no. Not everyone uses the same credit score or the same credit bureau. There are three major bureaus that provide scores (Experian, TransUnion, and Equifax). In addition, there are several different credit-scoring models. The most popular model is the FICO score. Another model that’s gaining popularity is called the VantageScore. There isn’t a standard as to what credit score is used by a company, so your experience can vary from lender to lender depending on what they use.