Credit Scores

Credit Scores

Your credit score is more than just a number—it’s a key factor in your financial wellness. From qualifying for a loan to setting your interest rate, your credit score helps lenders assess how likely you are to repay borrowed money.

What Is a Credit Score?

A credit score is a three-digit number—ranging from 300 to 850—that reflects your creditworthiness. The higher your score, the more likely you are to receive better loan terms, lower interest rates, and broader financial opportunities.

How Is a Credit Score Calculated?

Your score is based on the information in your credit report, updated with each new financial decision you make. Here’s how it breaks down:

Payment History – 35%
Paying your bills on time is the single biggest factor. Late payments, collections, and public records can significantly damage your score.

Credit Utilization – 30%
This is the ratio of how much you owe to how much credit you have available. Keeping your usage under 30% is ideal—lower is even better.

Length of Credit History – 15%
A longer credit history improves your score, especially if you’ve consistently made on-time payments.

Credit Mix – 10%
Having different types of accounts—credit cards, installment loans, mortgages—shows you can handle various kinds of debt responsibly.

New Credit – 10%
Too many applications in a short period may indicate financial stress. Space out new credit inquiries to avoid negative impacts.

Why Your Credit Score Can Vary

If you’ve ever checked your credit score in more than one place, you might’ve noticed that the numbers don’t always match. That’s completely normal—and here’s why:

Different Credit Bureaus, Different Data

The three major credit bureaus—Equifax, Experian, and TransUnion—each maintain their own report on you. Not all lenders report to all three, which means your information might differ slightly across each bureau.

Multiple Scoring Models Exist

Your credit score isn’t based on a single formula—there are multiple scoring models in use. While FICO® is the most widely recognized, others like VantageScore are also commonly used. Even within the FICO model, different versions exist for specific lending purposes, such as auto loans, mortgages, and credit cards, with each version weighing certain factors differently based on the type of credit being applied for.

Timing of Updates Matters

Credit reports are constantly changing. One bureau may have more recent updates than another at the time your score is pulled. This can cause small fluctuations in your score depending on when and where it’s checked.

Different Lenders, Different Scores

Some lenders use customized scoring models tailored to their specific risk criteria. So, the score a car dealer sees might be slightly different than what you see through a personal credit monitoring tool.

Stay informed with USSFCU Tools

Take the Next Step in Credit Confidence

Whether you’re building your first score or working toward improvement, our Best Life Wellness Center offers more tools, lessons, and calculators to help you make informed decisions for a stronger financial future.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. We do not endorse or guarantee the accuracy of third-party information.

Members' Voice Testimonials

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