What are credit scores?

A credit score is a three-digit number that lenders use to determine your creditworthiness (your reliability to pay back a loan on time).

Why are credit scores important?

Your credit score can impact many aspects of your financial wellness journey, including insurance premiums, interest on loans (including cosigned student loans or non cosigned student loans), credit card rewards, and even cable or phone prices and eligibility.

How do I check my credit score?

Though it is possible to contact the credit bureaus directly for your reports, the government-authorized website is AnnualCreditReport.com.

What’s a good credit score?

Typically, scores below 580 are considered “poor,” 580-669 is “fair,” 670-739 is “good,” 740-799 is “very good,” and 800-850 is “exceptional.”

How often are credit scores updated?

Credit scores are updated whenever new information is sent to a reporting agency, usually once every month or month and a half. However, there is no hard and fast rule.

Why are my three credit scores different?

Your Experian, Equifax, and Transunion scores may differ because the credit bureaus have different information, information hasn’t reached them, or they weigh factors differently.

How are credit scores calculated?

Credit scores look at your length of credit history, types of credit, payment history, and amount of debt, then use those data points to help lenders evaluate how creditworthy you are. FICO has also started incorporating bank account information as another variable.

When should I start building credit?

There are benefits to building credit as early as possible. Some banks allow minors to be authorized users on their parents’ credit cards, for instance, which can help you begin to establish credit at an early age.

Why are credit cards so important for building credit?

Credit cards have limits based on your payment history, and how trusted you are to repay what you’ve borrowed. If you have a high credit limit and an on-time payment history, credit agencies are more likely to see you as a creditworthy borrower.

How does paying down my loans and credit cards affect my credit?

Paying down loan amounts and credit cards can slowly make your credit score go up, but the effects aren’t usually immediate.

Ascent Blog | Financial, Study, and Planning Tips

Education Finance Leader Delivers Resource in Response to Ongoing FAFSA^® Issues

Jul 02, 2024 | By: Ascent
Category: In the Press

SAN DIEGO, June 20, 2024 /PRNewswire/ — Ascent is committed to helping students plan, pay and succeed throughout their education and is proud… Read More

An Update on FAFSA Delays: What Parents and Students Need to Know

May 10, 2024 | By: Ascent
Categories: Blog, For Students, For Schools, For College Students, For Parents and Cosigners

There have been countless adjustments to the Free Application for Federal Student Aid (FAFSA) process this past year, and the… Read More

How Long Does FAFSA Take to Process?

Jan 31, 2024 | By: Ascent
Categories: Blog, For College Students, For High School Students, For Parents and Cosigners

How long does the FAFSA take to process? We've compiled a quick reference guide on how long it takes to… Read More

What is EFC (SAI), and What Does it Mean on FAFSA?

Jan 02, 2024 | By: Ascent
Categories: Blog, For Cosigners

Learn about Expected Family Contribution (EFC), now called the Student Aid Index (SAI), and its role in determining financial aid… Read More

Mother and daughter doing finances together at home

FAFSA Simplification Act: Changes to the FAFSA

Dec 21, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For Schools, For College Students, For High School Students, For Parents and Cosigners, For Grad Students

Ascent Funding walks you through the changes that will be happening to the FAFSA with the FAFSA Simplification Act. Read More

Fafsa Simplification Act: Changes to the Fafsa | Ascent Funding

When is FAFSA Due for the 2024-25 School Year? Deadlines & FAQs for Students

Dec 20, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For College Students, For High School Students, For Parents and Cosigners

Worried about missing important FAFSA deadlines for the upcoming school year? Ascent Funding outlines all of the financial aid deadlines… Read More

When is FAFSA due for the 2024-2025 school year?

How to Add or Change a School Code on FAFSA

Dec 20, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For Schools

Need to update your school information on the FAFSA? Learn more about the process of adding, editing, or deleting a… Read More

Young female college student sitting in front of computer.

A Guide to FAFSA Eligibility Requirements

Dec 19, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For Schools, For College Students, For Parents and Cosigners, For Grad Students

Wondering if you qualify for federal financial aid? Learn more about the eligibility requirements while submitting your Free Application for… Read More

Student and parent sitting in front of computer.

Can International Students Apply for FAFSA?

Dec 19, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For Schools, For College Students

Even though international students can't receive aid from the U.S government, it's still important to complete the FAFSA. Learn more… Read More

What is FAFSA and how does it work?

Dec 18, 2023 | By: Ascent
Categories: Blog, For Students, For Cosigners, For High School Students

The Free Application for Federal Student Aid (FAFSA) is a form current and future students need to fill out to… Read More

Mother and daughter using laptop at swimming pool area

Ascent Blog: fafsa

Popular

Tips to Save

Ways to Earn

Get Help

Ascent Blog: fafsa

Popular

Tips to Save

Ways to Earn

Get Help

What type of loan are you looking for?

College Loan

Bootcamp Loan