If Credit Scores Were Facial Hair [Infographic]

Many people regard credit scores as an indicator of overall financial health, but lenders primarily view them as a measure of creditworthiness. Credit scores are an extremely useful tool lenders employ to decide if they should offer someone credit and at what interest rate. But how exactly are those three little numbers on your credit report calculated? There are several key factors nearly all credit bureaus look at to determine your credit score, which is presented as a FICO® Score or VantageScore®. By understanding the different components of your score and how they are weighted, you can take control of your credit score today.

Did you know that certain milestones in your life may impact your credit score? Here is a list of five life events that could have a positive or negative affect on your credit and finances.

Working on your credit score can be a true test of perseverance. Though you may spend months (or even years) carefully managing your credit, it can be difficult to gauge whether your good behavior is actually having any impact on your score.