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FICO Credit Score 101
FICO Credit Score 101
Sabrina avatar
Written by Sabrina
Updated over a week ago

Your credit score is a 3 digit number used to determine your creditworthiness. Banks, landlords, utility companies and other lenders use your credit score to determine how likely you are to repay debts on time. Your credit score can determine your eligibility for loans or credit cards, as well as the interest rates you’ll be charged for those products.

Your credit score ranges from 300 to 850. The higher your score, the better chance you have of being approved for credit at competitive interest rates, which ultimately impacts the cost of debt over your lifetime.

There are three credit bureaus holding your credit score information: Experian, Equifax, and TransUnion.

Credit scores in Rocket Money are sourced from Experian and graded on the below scale using FICO Score 2.

800-850: Excellent

740-799: Very Good

670-739: Good

580-669: Fair

300-579: Poor

To access your credit score in the app, tap on the More tab at the bottom of the Dashboard in the mobile app > Credit Score > Unlock my Full Report and provide your information.

Viewing your credit score will not impact your credit score.

Monthly Updates

Premium members have access to full credit reports in addition to their credit score.

Your score and credit report are refreshed four times a month. You'll receive a notification when these have been updated.

Recent Events

To see recent credit activity, tap on View Credit Events. This may list changes to your information such as credit score changes, inquiries, or other activity impacting your score.

FICO 2 Scoring Model

Here are the FICO 2 credit factors contributing to your score as shown in your Credit Report Card in Rocket Money.

  • Payment history (35%): This category impacts your credit score the most, capturing on-time and late payments up to seven years.

  • Amounts owed (30%): This factor accounts for all of your credit and loan balances, as well as your credit utilization rate, or the amount of revolving debt you currently owe out of your total available revolving credit limit, reflected as a percentage. Ideally you want to keep your credit utilization rate below 30%.

  • Credit history (15%): Your credit history refers to the length of time you've held various forms of credit.

  • New credit (10%): This factor covers any recent credit inquiries and new lines of credit.

  • Credit mix (10%): Your FICO score accounts for the different types of credit you have open. Ideally, creditors want to see that you have responsibly handled a mix of credit products such as personal loans, credit cards, student loans or a mortgage.

To learn more about the different types of FICO Scores from Experian, click here.

To learn more about how to make a dispute for inaccurate credit score information, click here.

While Rocket Money pulls your credit report and credit score from Experian to give you easy access to monitor your credit information, our team unfortunately doesn’t have direct access to your credit report or score to provide details or make changes.

Having Issues Accessing Your Credit Score?

For more information on your Rocket Money credit score provided by Experian, please check out these guides:

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