We all know so much: It should definitely be higher than our cholesterol, our weight, and for many of us, our SAT math scores. What this loan number actually means and where it comes from are seemingly more difficult things to grasp.
According to a recent survey by CompareCards, 37 percent of Americans said they had no idea what their credit rating would look like. This confusion also appears to be increasing in the income bracket as 58 percent of those earning $ 100,000 or more have also been unaware of the credit score category. But when a list of the factors that contributed to a credit score was given, most Americans (78 percent) chose the best answers, which means that many of us lack little confidence when they lack the knowledge.
"Credit makes people intimidate, thinking that this is a mysterious, unknowable beast," says Matt Schulz, chief industry analyst at CompareCards. "But I think even though people think credit is really intimidating, they probably understand it a bit better than they think they do."
Let us put an end to all this doubt. That means what your score really means, what really influences it and how you can improve it.