Credit Reports

Making Sense of
Your Credit Report
Your credit report is like a report card for your money life—and yeah, it follows you through adulthood. The better your credit, the more options you’ll have for things you’ll need later in life, like renting an apartment, getting a car loan, or even landing a job. With a little know-how, you can protect your credit like a pro.
Lesson 1

Credit Score 101

Lesson 2

Credit Factors

Lesson 3

Why Credit Matters

Lesson 4

Checking Your Credit

Lesson 5

Good Credit Habits

LESSON 1

Credit Score 101

What Do Credit Score
Numbers Actually Mean?

Your credit score is a three-digit number that sums up how well you handle borrowed money. It’s basically a shortcut lenders use to decide if they can trust you to pay back what you borrow.

Credit scores range from 300 to 850. The higher your score, the more financial doors will open to you in the future.

Let’s Keep Score

Click across the number line to learn what different scores mean – from not-so-great to awesome!

 
LESSON 2

Credit Factors

So Really, What Affects My Credit Score?

Your score is based on the info in your credit report. Even if you’re just starting out, good habits now can equal stronger credit later (and that’s important for your future financial health and buying power).

Here are the factors that matter most to your credit score:

  • Payment history – Do you pay bills on time? This is huge!
  • Credit usage – How much of your available credit are you using? 30% or less is ideal.
  • Length of credit history – How long have your accounts been open? The longer, the better.
  • New credit – Have you applied for credit recently? Too many new accounts can be a red flag.
  • Credit mix – A healthy mix of account types (like credit cards + loans) helps.
See how your choices impact your credit score.
Start now
LESSON 2
LESSON 3
LESSON 3

Why Credit Matters

If it’s My Credit, Who Else is Looking at it?

More people than you’d think—and you want them to be impressed by what they see. When you apply for a credit card, a car loan, or a mortgage or lease, lenders will use your credit report to help decide if you can borrow the funds you want to.

Your credit score and report can affect:

  • Whether you get approved for a credit card or loan
  • The interest rate you’ll pay (higher score = lower rate)
  • If you get approved to rent an apartment
  • Some job applications (especially in finance or security)
  • Whether you can finance purchases you want (like a phone, game console, or car)

It pays to start learning about credit early—even before you “need” it. If you find your credit is not up to par, it’ll take some time to fix.

LESSON 4

Checking Your Credit

Keeping Tabs on Your Credit

You’re legally allowed to check your credit reports from all three major bureaus—Equifax, Experian, and TransUnion—for free. You can check all three once a year—or one every few months to stay updated year-round.
Did You Know?
Your credit report doesn’t always include your score, but many credit card apps and banks show it for free.
If you see something that looks wrong on your report (like an account you didn’t open), you can dispute it for free. Generally, that process will look like this:

File a dispute with the credit bureau that shows the error

Provide any documents or info that back you up

The bureau has 30 days to investigate

LESSON 4
LESSON 5
LESSON 5

Good Credit Habits

Build That Credit (Even If You’re Just Starting Out)

The earlier you start building positive credit habits, the easier navigating finances will be later.

Here are some ways to build good credit:

  • Pay bills on time—every time
  • Keep your balances low on credit cards
  • Start with a secured credit card if you’re new to credit
  • Become an authorized user on a trusted adult’s card
  • Only apply for credit you actually need
Did You Know?

If you’ve made some missteps with credit (like missed payments, or maxed-out cards), it will temporarily hurt your credit score. But don’t worry, credit can be repaired with time, patience, and a few smart moves.

Let’s review why credit scores are important in this short clip.
Let’s review why credit scores are important in this short clip.
Watch now
Next up:

Safety & Fraud

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Overdraft fees

An overdraft fee is a penalty for using more money than you have.

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Interest rate

An interest rate for credit is the extra money you have to pay on top of what you borrowed. If you don’t pay your bill in full, credit card companies will charge you more than what you owe. The percentage can be different for each company.

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FDIC

This is a group that helps keep your money safe if something goes wrong.

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Secured credit card

A secured credit card is a type of credit card that lets you borrow money, but you have to deposit your own money first. If you pay your bill on time, you can get the deposit back.

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ATM

An ATM is a machine where you can get cash or check your bank account balance without having to go to the bank.

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Two-factor authentication

This is a way to keep your accounts safe. When you log in with your password, it sends a code to your phone or email to make sure it’s really you.

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Card Suite Life

First Security Bank’s Card Suite Lite app lets you set spending limits, track card activity in real time, freeze or unfreeze your card instantly, and review alerts so you can spot suspicious activity early.

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Credit Report

A credit report is a record that shows banks and lenders how responsible you are with borrowing and paying back money.

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Credit Score

A credit score is a three-digit number that tells lenders how good you are with borrowed money. It helps them determine whether or not they can trust you to pay back what you owe.