Credit Score Explained

What is a credit score and why does it matter?

A credit score is a three-digit number, ranging from 300-850. The higher the number the more favorable it is.

The Stretch Financial Wellness® product utilizes the TransUnion Vantage 3.0 score. The score breakdown is as follows:

• 300-600: Very Poor

• 600-660: Poor

• 661-720: Fair

• 721-780: Good

• 781-850: Excellent

It’s important to know and work to maintain or improve a higher credit score as your credit score can impact your overall financial profile. The score is based on a variety of factors including credit history, on-time payments, amount of credit used, etc.

This number may be used by various entities, including financial institutions, to help them assess your creditworthiness, provide insight on your financial behaviors to help in the decision to extend credit to you, and write the terms of your loan. For example, if you can access lower interest rates, because you have a higher credit score, this may positively effect what you spend over your financial lifetime.

There are three major credit reporting bureaus utilized in the US: TransUnion, Equifax, and Experian. 

To access your Vantage 3.0 credit score in your Stretch Financial Wellness® account, navigate to your "Accounts” page. To display your credit history, simply click on the credit score image.