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.

For High School Students Archives

4 Tips on How to Find a Cosigner for Your Student Loan

Jan 30, 2023 | By: Ascent
Categories: Blog, For Students, For High School Students

Finding a cosigner for your student loan can be a difficult process. Ascent has four tips for finding a cosigner… Read More

Ways to Get Straight A’s in College

Jan 09, 2023 | By: Ruby Kate Galapon - SDSU Ascent Intern
Categories: Blog, For Students, For College Students, For High School Students, For Parents and Cosigners

If straight A’s is something you're striving for, follow these 13 tips to build the skills needed to achieve good… Read More

7 Tips on How to Apply for College Scholarships

Dec 19, 2022 | By: Ascent
Categories: Blog, For Students, For College Students, For High School Students

Private scholarships are a great way to help pay for the cost of college. Explore these tips on how to… Read More

Conversations on Entrepreneurship: Nikita Gupta

Dec 08, 2022 | By: Breanna Knight
Categories: Blog, For Students, For College Students, For High School Students, Celebrating Women

In our next Women in Tech interview, Nikita Gupta talks about her career and success with the intern management platform,… Read More

7 Money-Saving Challenges to Try in 2023

Nov 30, 2022 | By: Olivia Wolf - Social Media Intern
Categories: Blog, For College Students, For High School Students

Money-saving challenges are a great way to build smart habits and make budgeting more enjoyable. Pick one of these challenges… Read More

Coding Bootcamp vs. Computer Science Degree

Nov 01, 2022 | By: Ascent
Categories: Blog, For High School Students, For Bootcamps

Learn more about the differences between getting a computer science degree and completing a coding bootcamp to help you decide… Read More

How to Apply for a Private Student Loan

Oct 28, 2022 | By: Ascent
Categories: Blog, For Students, For Cosigners, For College Students, For High School Students, For Parents and Cosigners, For Grad Students

Interested in applying for private student loans? Learn more about the step-by-step process of how to apply for a private… Read More

How Much Does Coding Bootcamp Cost?

Oct 26, 2022 | By: Ascent
Categories: Blog, For Students, For College Students, For High School Students, For Bootcamps, For Grad Students

Whether you have already been to college or are considering alternative higher education routes, bootcamps can be a great pathway… Read More

10 Key Financial Terms To Know Before You Graduate

Sep 21, 2022 | By: Breanna Knight
Categories: Blog, For Students, For College Students, For High School Students, For Grad Students

Transitioning out of school can be overwhelming and often comes with many changes. Whether it’s graduating from high school, moving… Read More

What is FAFSA and How Does it Work?

Sep 15, 2022 | 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

Ascent Blog: For High School Students

Popular

Tips to Save

Ways to Earn

Get Help

Ascent Blog: For High School Students

Popular

Tips to Save

Ways to Earn

Get Help

What type of loan are you looking for?

College Loan

Bootcamp Loan