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п»їUnderstanding Scaled Scores.
Scaled scores are a type of exam score. They are commonly used by testing companies that administer high stakes exams, such as admissions, certification and licensure exams. Scaled scores are also used for K-12 Common Core testing and other exams that assess student skills and evaluate learning progress.
Raw Scores vs. Scaled Scores.
The first step to understanding scaled scores is to learn how they differ from raw scores. A raw score represents the number of exam questions you answer correctly. For example, if an exam has 100 questions, and you get 80 of them correct, your raw score is 80. Your percent-correct score, which is a type of raw score, is 80%, and your grade is a B-.
A scaled score is a raw score that has been adjusted and converted to a standardized scale. If your raw score is 80 (because you got 80 out of 100 questions correct), that score is adjusted and converted into a scaled score. Raw scores can be converted linearly or nonlinearly.
Scaled Score Example.
The ACT is an example of an exam that uses linear transformation to convert raw scores to scaled scores. The following conversation chart shows how raw scores from each section of the ACT are transformed into scaled scores.
The Equating Process.
The scaling process creates a base scale that serves as a reference for another process known as equating. The equating process is necessary to account for differences between multiple versions of the same test.
Although test makers try to keep the difficulty level of a test the same from one version to the next, differences are inevitable. Equating allows the test maker to statistically adjust scores so that the average performance on version one of the test is equal to average performance on version two of the test, version three of the test and so on.
After undergoing both scaling and equating, scaled scores should be interchangeable and easily comparable no matter which version of the test was taken.
Equating Example.
Let's look at an example to see how the equating process can impact scaled scores on standardized tests. Imagine that say you and a friend are taking the SAT. You will both be taking the exam at the same test center, but you will be taking the test in January, and your friend will be taking the test in February. You have different testing dates, and there is no guarantee that you will both take the same version of the SAT. You may see one form of the test, while your friend sees another. Although both tests have similar content, the questions are not exactly the same.
After taking the SAT, you and your friend get together and compare your results. You both got a raw score of 50 on the math section, but your scaled score is 710 and your friend's scaled score is 700. Your pal wonders what happened since both of you got the same number of questions correct. But the explanation is pretty simple; you each took a different version of the test, and your version was more difficult than his. To get the same scaled score on the SAT, he would have needed to answer more questions correctly than you.
Test makers that use an equating process use a different formula to create a unique scale for each version of the exam. This means that there is no one raw-to-scale-score conversion chart that can be used for every version of the exam. That is why, in our previous example, a raw score of 50 was converted into 710 on one day and 700 on another day. Keep this in mind as you are taking practice tests and using conversion charts to transform your raw score into a scaled score.
Purpose of Scaled Scores.
Raw scores are definitely easier to calculate than scaled scores. But testing companies want to make sure that test scores can be fairly and accurately compared even if test takers take different versions, or forms, of the test on different dates. Scaled scores allow for accurate comparisons and ensure that people who took a more difficult test are not penalized, and people who took a less difficult test are not given an unfair advantage.
742 Credit Score: Is it Good or Bad?
Your FICO В® Score falls within a range, from 740 to 799, that may be considered Very Good. A 742 FICO В® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.
25% of all consumers have FICO В® Scores in the Very Good range.
In statistical terms, just 1% of consumers with Very Good FICO В® Scores are likely to become seriously delinquent in the future.
Improving your 742 Credit Score.
A FICO В® Score of 742 is well above the average credit score of 704 , but there's still some room for improvement.
Among consumers with FICO В® credit scores of 742 , the average utilization rate is 31.8%.
The best way to determine how to improve your credit score is to check your FICO В® Score. Along with your score, you'll receive information about ways you can boost your score, based on specific information in your credit file. You'll also find some good general score-improvement tips here.
Why a Very Good credit score is pretty great.
A credit score in the Very Good range signifies a proven track record of timely bill payment and good credit management. Late payments and other negative entries on your credit file are rare or nonexistent, and if any appear, they are likely to be at least a few years in the past.
People with credit scores of 742 typically pay their bills on time; in fact, late payments appear on just 23% of their credit reports.
People like you with Very Good credit scores are attractive customers to banks and credit card issuers, who typically offer borrowers like you better-than-average lending terms. These may include opportunities to refinance older loans at better rates than you were able to get in years past, and chances to sign up for credit cards with enticing rewards as well as relatively low interest rates.
Staying the course with your Very Good credit history.
Your 742 credit score means you've been doing a lot right. To avoid losing ground, be mindful of avoiding behaviors that can lower your credit score.
Factors that can have negative effects on Very Good credit scores include:
Utilization rate on revolving credit Utilization , or usage rate, is a measure of how close you are to "maxing out" credit card accounts. You can calculate it for each of your credit card accounts by dividing the outstanding balance by the card's borrowing limit, and then multiplying by 100 to get a percentage. You can also figure your total utilization rate by dividing the sum of all your card balances by the sum of all their spending limits (including the limits on cards with no outstanding balances).
Balance Spending limit Utilization rate (%) MasterCard $1,200 $4,000 30% VISA $1,000 $6,000 17% American Express $3,000 $10,000 30% Total $5,200 $20,000 26%
Most experts recommend keeping your utilization rates at or below 30%— on individual accounts and all accounts in total—to avoid lowering your credit scores. The closer any of these rates gets to 100%, the more it hurts your credit score. Utilization rate is responsible for nearly one-third (30%) of your credit score.
Late and missed payments matter a lot . More than one-third of your score (35%) is influenced by the presence (or absence) of late or missed payments. If late or missed payments are part of your credit history, you'll help your credit score significantly if you get into the routine of paying your bills promptly.
Time is on your side . If you manage your credit carefully and stay timely with your payments, however, your credit score will tend to increase with time. In fact, if all other score influences are the same, an longer credit history will yield a higher credit score than a shorter one. There's not much you can do to change this if you're a new borrower, other than be patient and keep up with your bills. Length of credit history is responsible for as much as 15% of your credit score.
Debt composition . The FICO В® credit scoring system tends to favor multiple credit accounts, with a mix of revolving credit (accounts such as credit cards that enable you to borrow against a spending limit and make monthly payments of varying amounts) and installment loans (e.g., car loans, mortgages and student loans, with set monthly payments and fixed payback periods). Credit mix is responsible for about 10% of your credit score.
Credit applications and new credit accounts typically have short-term negative effects on your credit score. When you apply for new credit or take on additional debt, credit-scoring systems flag you as being at greater risk of being able to pay your bills. Credit scores drop a small amount when that happens, but typically rebound within a few months, as long as you keep up with all your payments. New credit activity can contribute up to 10% of your overall credit score.
When public records appear on your credit report they can have severe negative impacts on your credit score. Entries such as bankruptcies do not appear in every credit report, so they cannot be compared to other credit-score influences in percentage terms, but they can overshadow all other factors and severely lower your credit score. A bankruptcy, for instance, can remain on your credit report for 10 years. If there are liens or judgments on your credit report, it's in your best interest to settle them as soon as possible.
36% Individuals with a 742 FICO В® Score have credit portfolios that include auto loan and 33% have a mortgage loan.
Shield your credit score from fraud.
People with Very Good credit scores can be attractive targets for identity thieves, eager to hijack your hard-won credit history. To guard against this possibility, consider using credit-monitoring and identity theft-protection services that can detect unauthorized credit activity. Credit monitoring and identity theft protection services with credit lock features can alert you before criminals can take out bogus loans in your name.
Credit monitoring is also useful for tracking changes in your credit scores. It can spur you to take action if your score starts to slip downward, and help you measure improvement as you work toward a FICO В® Score in the Exceptional range (800-850).
Nearly 158 million Social Security numbers were exposed in 2017, an increase of more than eight times the number in 2016.
Learn more about your credit score.
A 742 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs. A great place to begin is getting your free credit report from Experian and checking your credit score to find out the specific factors that impact your score the most. Read more about score ranges and what a good credit score is.
How Examination are Scored.
AANPCB examinations are criterion-referenced tests designed to assess knowledge required for entry-level practice as a nurse practitioner. In a criterion-referenced examination, a candidate must obtain a score equal to or higher than the "passing score" to pass the test. The passing score represents absolute standards and is determined using psychometrically accepted standard-setting methodology. It is a complex scoring system that assesses standards that define what minimally competent candidates would know and answer correctly. Exam results are reported as a "scaled score" (passing score). The scaled score is neither a "number correct" nor a "percent correct" score. The total number of correct responses is called the total raw score. Total raw scores are converted to a scaled score ranging from 200 to 800 points using statistical procedures equivalent for all administrations of the examination. A minimum passing scaled score of 500 must be obtained to pass the examination. A candidate’s performance on the examination is not compared to the performance of others taking the examination.
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Check my credit score: What does a credit score of 742 mean?
An individual with a credit score of 742 is classified as having a “very good” credit score and is likely to find access to loans, mortgages, credit cards and other forms of credit to be much easier to attain than for those with lower credit scores. Put another way, there is only one credit score band that’s higher than “very good.”
A credit score of 742 is in a range that comprises the credit scores of approximately 20.2% of United States consumers, according to Experian, one of the three major credit reporting agencies in the U.S., along with TransUnion and Equifax. In addition, Experian reports this is a very low-risk group for lenders, “(only) 1% of consumers with a credit score of 740 to 799 are likely to become seriously delinquent in the future.”
Credit scores, also known as FICO scores (FICO is short for Fair Isaac Corporation, a data analytics company that studies every move consumers make when they apply for loans, apply for credit cards, purchase things or pay their bills), are a fact of life. Consumers are scored on their financial habits. FICO scores determine eligibility for mortgages, car loans, credit cards, low-interest rates and apartment rentals. Even prospective employers are interested in your credit history.
A credit score of 742 is considered to be in the “very good” range. All scores in the very good range are higher than the median credit score in the U.S. (706 as of April 2018).
Whether you are starting with a credit score of 742, or somewhere else along the 300-850 FICO range, unless you have a “perfect” credit score of 850, there is always room to improve. And improvement always starts with good information about your score and other elements of your credit report.
Fortunately, that information is easy to attain and, often, is free for the asking.
How to determine your credit score.
Your credit score is a single number summary of your much more extensive credit report. Like the dial of a speedometer or a scale, it gives you a single-point read-out of how you’re doing as measured against all consumers in the United States.
How can you find your credit score? If you already have a credit card or other banking relationship, these institutions often include access to your credit score on your monthly statement or online portal. So be sure to start there — you may already have access to your credit score.
Another great place to start is Credit Karma, which offers easy access to your score from one of the three credit agencies once you sign up for a free account.
But remember, your score isn’t the whole story. It’s just shorthand for a point in time. For the bigger picture, you’ll need your full credit report.
How to access your credit report.
If you need access to your report more than once annually, then there are also paid options on each bureau’s websites.
How to read and understand your credit report.
Getting a credit report can be easy, but understanding the data reported can be a bit difficult, especially if you’ve never had to read a credit report before. Each credit bureau organizes its reports slightly differently, so the sections may fall in a different order, but all of your reports should share the same basic parts.
Personal Information: This is an important section to examine closely. Double-check to make sure all of the names in this section are yours. Be sure that all addresses and accounts are those you recognize. If not, that may suggest someone has used your personal information to open fraudulent accounts in your name. Be aware of your information.
Inquiries on your credit: There are two different types of inquiries you’ll find in this section -hard inquiries and soft inquiries. Hard inquiries happen when you allow a potential creditor to check your credit score. Soft inquiries, which don’t affect your credit scores, happen when you check your own credit or a third-party is authorized by you to make a soft inquiry.
Accounts: This section is the meat and potatoes of your credit report that lists all of your accounts that are not in collections or default. Check to make sure you recognize all of the names and addresses of each creditor and the date it was opened, the status of each account (make sure if it’s a closed account, that it is listed as closed), the type of account (credit cards, car loan, etc.) and your credit limit on each loan. Also, be sure to check that your credit history doesn’t show any errors.
For more, and to learn how and where to dispute any errors you find, check out our full report on reading and understanding your credit report.
Five steps to quickly improve your credit score.
There are no big secrets to improving your credit score. It’s all about knowing your score, knowing why your score is what it is, and changing financial behaviors in a way that will improve your score over time.
Your credit score is uniquely yours. As far as banks, lenders and even employers are concerned, it’s the best quick indicator of your individual financial fitness. Many factors go into a credit score, including your payment history, your credit limits, your percentage of available credit and more, as well as big items such as defaults and bankruptcies.
Moving your score significantly in a relatively short period of time is very doable, even in just six months. But how do you get there? What should you focus on? Here are five steps you can take to make big improvements in your credit score.
Want to learn the five steps to quickly improve a credit score? Take five minutes to read our five-step guide to a better credit score.
8 mistakes guaranteed to wreck your credit score.
Every day, responsible consumers who think they’re doing everything right unwittingly put their financial reputations at risk.
We pulled together a list of eight sure-fire ways to hurt your credit score. Here are two that you might not have thought of:
Not paying when a charge is in dispute: Even if a transaction is challenged, the account holder is expected to pay each month. The disputed charge will be designated as pending, but the cardholder is responsible for payment until the matter is resolved and a refund is issued.
Cosigning for friends or relatives: This could, and often does, have terrible repercussions down the road. Most people think of a cosigned loan as a shared responsibility, but in fact, the entire burden shifts to the cosigner if a friend or relative falls behind. Cosigning is potentially disastrous for credit scores and relationships alike.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumers are people with credit scores in the 600s. If this is you, we’d love to talk to you about how we might be able to help you meet your financial goals. We offer loans from $2,000 to $25,000, all with fixed payments and simple interest.
How Do You Check Your Credit Score?
In this article:
How to Check Your Credit Scores What Do Credit Scores Mean? What Affects My Credit Scores? Does Checking Your Credit Score Lower It?
You can check your credit score from many sources, including Experian. Learning what your credit scores mean and what affects them can help you when you're getting ready to apply for new credit.
Lenders use credit scores to decide how likely it is you will repay your debts on time. There are hundreds of credit scoring models in existence, though the FICO В® Score в‰ is the most common. The higher your credit scores, the better offers you are likely to receive from lenders in the form of lower interest rates and other favorable terms.
How to Check Your Credit Scores.
There are a few ways to check your credit scores:
Visit a free credit scoring website. Numerous websites offer free credit scores; just pay attention to the terms before you sign up. Some free sites offer educational scores that aim to give you an understanding of how you're doing credit-wise. You can obtain your free FICO В® Score through Experian. Check with your credit card issuer or lender. Many credit card and car loan companies offer complimentary credit scores that you can check by logging into your account online or receiving on your monthly statement. Typically, you have to opt in to receive the number. Visit a nonprofit credit counselor. Credit counselors can often pull your scores for free and go over the details with you. To find one, check with the National Foundation for Credit Counseling.
What Do Credit Scores Mean?
Because there are so many credit scoring models in existence, you likely have multiple scores. If you pull your score from one site or product, it will likely be slightly different from one you find through another product.
So don't get hung up on one particular score or even the exact number. Instead, pay attention to what range you fall in. Most websites and card issuers will offer some context behind the score in addition to the number.
That information will typically include where you stand and whether your score is poor, fair, good, very good or exceptional. You will also likely find information about why your score is what it is. Your score range can help you understand how lenders view your creditworthiness and what types of credit products you're likely to be approved for.
What Affects My Credit Scores?
It's important to understand the factors that go into determining your credit scores so you know how to improve them if necessary. For the FICO В® Score, the credit score version you will receive through Experian, there are five main factors that impact your score. They are all weighted differently:
Payment history : Your payment history—how regularly you pay your bills on time—accounts for 35% of your FICO ® Score. Late or missed payments can negatively affect your FICO ® Score, while a pattern of making payments on time is the best way to keep it high. Amount of debt : The amount of available debt you're using, referred to as your credit utilization ratio, accounts for 30% of your score. This is calculated by dividing how much credit you're using by the total amount of credit available to you. So if you have three credit cards with a combined credit limit of $10,000, and you have a total combined balance of $3,000 on all three cards, your utilization ratio is 30%. Most experts recommend keeping your ratio below 30%, and for the best scores, below 7%. Length of credit history : How long you've used credit, including your oldest and newest accounts—as well as the average age of all your open accounts—accounts for 15% of your FICO ® Score. Generally, the longer you've used credit, the higher your scores. Amount of new credit : The total amount of new credit accounts for 10% of your FICO ® Score. This takes into consideration how many accounts you've opened recently and how many recent hard inquiries you have on your credit report. Too many new accounts and inquiries could indicate greater credit risk. Credit mix : The variety of types of credit you're using accounts for 10% of your FICO ® Score. If you have different kinds of credit, like credit cards and installment loans, you'll score higher than if you only have one type of credit, such as retail cards.
When you receive your credit score, you should also get some guidelines on your score profile and why your score ranks where it does. This will include information on what's hurting it and what's helping your score, as in the image below:
These guidelines will help you figure out what you need to do to maintain a good FICO В® Score, and what you need to do to improve it. For example, if bad payment history is one of the reasons your FICO В® Score is on the lower side, you should focus on paying your bills on time. Consider automating your payments so you never miss them again.
How to Get Your FICO В® Score for Free.
Understand the reasons that help or hurt your FICO В® Score, including your payment history, how much credit you are using, as well as other factors that influence your overall credit. Get Your FICO В® Score.
Does Checking Your Credit Score Lower It?
Checking your own credit score is considered a soft inquiry and won't affect your credit score in any way. You can check your score as often as you like and know your credit won't be affected. It's wise to check your credit score regularly, but especially when you are getting ready to apply for new credit.
In addition to checking your credit score, you should check your credit report at least once a year to make sure all the information there is correct. If you see something you strongly believe is inaccurate, you can file a dispute with the appropriate credit bureau.
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п»їUnderstanding Scaled Scores.
Scaled scores are a type of exam score. They are commonly used by testing companies that administer high stakes exams, such as admissions, certification and licensure exams. Scaled scores are also used for K-12 Common Core testing and other exams that assess student skills and evaluate learning progress.
Raw Scores vs. Scaled Scores.
The first step to understanding scaled scores is to learn how they differ from raw scores. A raw score represents the number of exam questions you answer correctly. For example, if an exam has 100 questions, and you get 80 of them correct, your raw score is 80. Your percent-correct score, which is a type of raw score, is 80%, and your grade is a B-.
A scaled score is a raw score that has been adjusted and converted to a standardized scale. If your raw score is 80 (because you got 80 out of 100 questions correct), that score is adjusted and converted into a scaled score. Raw scores can be converted linearly or nonlinearly.
Scaled Score Example.
The ACT is an example of an exam that uses linear transformation to convert raw scores to scaled scores. The following conversation chart shows how raw scores from each section of the ACT are transformed into scaled scores.
The Equating Process.
The scaling process creates a base scale that serves as a reference for another process known as equating. The equating process is necessary to account for differences between multiple versions of the same test.
Although test makers try to keep the difficulty level of a test the same from one version to the next, differences are inevitable. Equating allows the test maker to statistically adjust scores so that the average performance on version one of the test is equal to average performance on version two of the test, version three of the test and so on.
After undergoing both scaling and equating, scaled scores should be interchangeable and easily comparable no matter which version of the test was taken.
Equating Example.
Let's look at an example to see how the equating process can impact scaled scores on standardized tests. Imagine that say you and a friend are taking the SAT. You will both be taking the exam at the same test center, but you will be taking the test in January, and your friend will be taking the test in February. You have different testing dates, and there is no guarantee that you will both take the same version of the SAT. You may see one form of the test, while your friend sees another. Although both tests have similar content, the questions are not exactly the same.
After taking the SAT, you and your friend get together and compare your results. You both got a raw score of 50 on the math section, but your scaled score is 710 and your friend's scaled score is 700. Your pal wonders what happened since both of you got the same number of questions correct. But the explanation is pretty simple; you each took a different version of the test, and your version was more difficult than his. To get the same scaled score on the SAT, he would have needed to answer more questions correctly than you.
Test makers that use an equating process use a different formula to create a unique scale for each version of the exam. This means that there is no one raw-to-scale-score conversion chart that can be used for every version of the exam. That is why, in our previous example, a raw score of 50 was converted into 710 on one day and 700 on another day. Keep this in mind as you are taking practice tests and using conversion charts to transform your raw score into a scaled score.
Purpose of Scaled Scores.
Raw scores are definitely easier to calculate than scaled scores. But testing companies want to make sure that test scores can be fairly and accurately compared even if test takers take different versions, or forms, of the test on different dates. Scaled scores allow for accurate comparisons and ensure that people who took a more difficult test are not penalized, and people who took a less difficult test are not given an unfair advantage.
742 Credit Score: Is it Good or Bad?
Your FICO В® Score falls within a range, from 740 to 799, that may be considered Very Good. A 742 FICO В® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.
25% of all consumers have FICO В® Scores in the Very Good range.
In statistical terms, just 1% of consumers with Very Good FICO В® Scores are likely to become seriously delinquent in the future.
Improving your 742 Credit Score.
A FICO В® Score of 742 is well above the average credit score of 704 , but there's still some room for improvement.
Among consumers with FICO В® credit scores of 742 , the average utilization rate is 31.8%.
The best way to determine how to improve your credit score is to check your FICO В® Score. Along with your score, you'll receive information about ways you can boost your score, based on specific information in your credit file. You'll also find some good general score-improvement tips here.
Why a Very Good credit score is pretty great.
A credit score in the Very Good range signifies a proven track record of timely bill payment and good credit management. Late payments and other negative entries on your credit file are rare or nonexistent, and if any appear, they are likely to be at least a few years in the past.
People with credit scores of 742 typically pay their bills on time; in fact, late payments appear on just 23% of their credit reports.
People like you with Very Good credit scores are attractive customers to banks and credit card issuers, who typically offer borrowers like you better-than-average lending terms. These may include opportunities to refinance older loans at better rates than you were able to get in years past, and chances to sign up for credit cards with enticing rewards as well as relatively low interest rates.
Staying the course with your Very Good credit history.
Your 742 credit score means you've been doing a lot right. To avoid losing ground, be mindful of avoiding behaviors that can lower your credit score.
Factors that can have negative effects on Very Good credit scores include:
Utilization rate on revolving credit Utilization , or usage rate, is a measure of how close you are to "maxing out" credit card accounts. You can calculate it for each of your credit card accounts by dividing the outstanding balance by the card's borrowing limit, and then multiplying by 100 to get a percentage. You can also figure your total utilization rate by dividing the sum of all your card balances by the sum of all their spending limits (including the limits on cards with no outstanding balances).
Balance Spending limit Utilization rate (%) MasterCard $1,200 $4,000 30% VISA $1,000 $6,000 17% American Express $3,000 $10,000 30% Total $5,200 $20,000 26%
Most experts recommend keeping your utilization rates at or below 30%— on individual accounts and all accounts in total—to avoid lowering your credit scores. The closer any of these rates gets to 100%, the more it hurts your credit score. Utilization rate is responsible for nearly one-third (30%) of your credit score.
Late and missed payments matter a lot . More than one-third of your score (35%) is influenced by the presence (or absence) of late or missed payments. If late or missed payments are part of your credit history, you'll help your credit score significantly if you get into the routine of paying your bills promptly.
Time is on your side . If you manage your credit carefully and stay timely with your payments, however, your credit score will tend to increase with time. In fact, if all other score influences are the same, an longer credit history will yield a higher credit score than a shorter one. There's not much you can do to change this if you're a new borrower, other than be patient and keep up with your bills. Length of credit history is responsible for as much as 15% of your credit score.
Debt composition . The FICO В® credit scoring system tends to favor multiple credit accounts, with a mix of revolving credit (accounts such as credit cards that enable you to borrow against a spending limit and make monthly payments of varying amounts) and installment loans (e.g., car loans, mortgages and student loans, with set monthly payments and fixed payback periods). Credit mix is responsible for about 10% of your credit score.
Credit applications and new credit accounts typically have short-term negative effects on your credit score. When you apply for new credit or take on additional debt, credit-scoring systems flag you as being at greater risk of being able to pay your bills. Credit scores drop a small amount when that happens, but typically rebound within a few months, as long as you keep up with all your payments. New credit activity can contribute up to 10% of your overall credit score.
When public records appear on your credit report they can have severe negative impacts on your credit score. Entries such as bankruptcies do not appear in every credit report, so they cannot be compared to other credit-score influences in percentage terms, but they can overshadow all other factors and severely lower your credit score. A bankruptcy, for instance, can remain on your credit report for 10 years. If there are liens or judgments on your credit report, it's in your best interest to settle them as soon as possible.
36% Individuals with a 742 FICO В® Score have credit portfolios that include auto loan and 33% have a mortgage loan.
Shield your credit score from fraud.
People with Very Good credit scores can be attractive targets for identity thieves, eager to hijack your hard-won credit history. To guard against this possibility, consider using credit-monitoring and identity theft-protection services that can detect unauthorized credit activity. Credit monitoring and identity theft protection services with credit lock features can alert you before criminals can take out bogus loans in your name.
Credit monitoring is also useful for tracking changes in your credit scores. It can spur you to take action if your score starts to slip downward, and help you measure improvement as you work toward a FICO В® Score in the Exceptional range (800-850).
Nearly 158 million Social Security numbers were exposed in 2017, an increase of more than eight times the number in 2016.
Learn more about your credit score.
A 742 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs. A great place to begin is getting your free credit report from Experian and checking your credit score to find out the specific factors that impact your score the most. Read more about score ranges and what a good credit score is.
How Examination are Scored.
AANPCB examinations are criterion-referenced tests designed to assess knowledge required for entry-level practice as a nurse practitioner. In a criterion-referenced examination, a candidate must obtain a score equal to or higher than the "passing score" to pass the test. The passing score represents absolute standards and is determined using psychometrically accepted standard-setting methodology. It is a complex scoring system that assesses standards that define what minimally competent candidates would know and answer correctly. Exam results are reported as a "scaled score" (passing score). The scaled score is neither a "number correct" nor a "percent correct" score. The total number of correct responses is called the total raw score. Total raw scores are converted to a scaled score ranging from 200 to 800 points using statistical procedures equivalent for all administrations of the examination. A minimum passing scaled score of 500 must be obtained to pass the examination. A candidate’s performance on the examination is not compared to the performance of others taking the examination.
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For Overnight Delivery ONLY: AANPCB 2600 Via Fortuna, Ste 240 Austin, TX 78746.
Check my credit score: What does a credit score of 742 mean?
An individual with a credit score of 742 is classified as having a “very good” credit score and is likely to find access to loans, mortgages, credit cards and other forms of credit to be much easier to attain than for those with lower credit scores. Put another way, there is only one credit score band that’s higher than “very good.”
A credit score of 742 is in a range that comprises the credit scores of approximately 20.2% of United States consumers, according to Experian, one of the three major credit reporting agencies in the U.S., along with TransUnion and Equifax. In addition, Experian reports this is a very low-risk group for lenders, “(only) 1% of consumers with a credit score of 740 to 799 are likely to become seriously delinquent in the future.”
Credit scores, also known as FICO scores (FICO is short for Fair Isaac Corporation, a data analytics company that studies every move consumers make when they apply for loans, apply for credit cards, purchase things or pay their bills), are a fact of life. Consumers are scored on their financial habits. FICO scores determine eligibility for mortgages, car loans, credit cards, low-interest rates and apartment rentals. Even prospective employers are interested in your credit history.
A credit score of 742 is considered to be in the “very good” range. All scores in the very good range are higher than the median credit score in the U.S. (706 as of April 2018).
Whether you are starting with a credit score of 742, or somewhere else along the 300-850 FICO range, unless you have a “perfect” credit score of 850, there is always room to improve. And improvement always starts with good information about your score and other elements of your credit report.
Fortunately, that information is easy to attain and, often, is free for the asking.
How to determine your credit score.
Your credit score is a single number summary of your much more extensive credit report. Like the dial of a speedometer or a scale, it gives you a single-point read-out of how you’re doing as measured against all consumers in the United States.
How can you find your credit score? If you already have a credit card or other banking relationship, these institutions often include access to your credit score on your monthly statement or online portal. So be sure to start there — you may already have access to your credit score.
Another great place to start is Credit Karma, which offers easy access to your score from one of the three credit agencies once you sign up for a free account.
But remember, your score isn’t the whole story. It’s just shorthand for a point in time. For the bigger picture, you’ll need your full credit report.
How to access your credit report.
If you need access to your report more than once annually, then there are also paid options on each bureau’s websites.
How to read and understand your credit report.
Getting a credit report can be easy, but understanding the data reported can be a bit difficult, especially if you’ve never had to read a credit report before. Each credit bureau organizes its reports slightly differently, so the sections may fall in a different order, but all of your reports should share the same basic parts.
Personal Information: This is an important section to examine closely. Double-check to make sure all of the names in this section are yours. Be sure that all addresses and accounts are those you recognize. If not, that may suggest someone has used your personal information to open fraudulent accounts in your name. Be aware of your information.
Inquiries on your credit: There are two different types of inquiries you’ll find in this section -hard inquiries and soft inquiries. Hard inquiries happen when you allow a potential creditor to check your credit score. Soft inquiries, which don’t affect your credit scores, happen when you check your own credit or a third-party is authorized by you to make a soft inquiry.
Accounts: This section is the meat and potatoes of your credit report that lists all of your accounts that are not in collections or default. Check to make sure you recognize all of the names and addresses of each creditor and the date it was opened, the status of each account (make sure if it’s a closed account, that it is listed as closed), the type of account (credit cards, car loan, etc.) and your credit limit on each loan. Also, be sure to check that your credit history doesn’t show any errors.
For more, and to learn how and where to dispute any errors you find, check out our full report on reading and understanding your credit report.
Five steps to quickly improve your credit score.
There are no big secrets to improving your credit score. It’s all about knowing your score, knowing why your score is what it is, and changing financial behaviors in a way that will improve your score over time.
Your credit score is uniquely yours. As far as banks, lenders and even employers are concerned, it’s the best quick indicator of your individual financial fitness. Many factors go into a credit score, including your payment history, your credit limits, your percentage of available credit and more, as well as big items such as defaults and bankruptcies.
Moving your score significantly in a relatively short period of time is very doable, even in just six months. But how do you get there? What should you focus on? Here are five steps you can take to make big improvements in your credit score.
Want to learn the five steps to quickly improve a credit score? Take five minutes to read our five-step guide to a better credit score.
8 mistakes guaranteed to wreck your credit score.
Every day, responsible consumers who think they’re doing everything right unwittingly put their financial reputations at risk.
We pulled together a list of eight sure-fire ways to hurt your credit score. Here are two that you might not have thought of:
Not paying when a charge is in dispute: Even if a transaction is challenged, the account holder is expected to pay each month. The disputed charge will be designated as pending, but the cardholder is responsible for payment until the matter is resolved and a refund is issued.
Cosigning for friends or relatives: This could, and often does, have terrible repercussions down the road. Most people think of a cosigned loan as a shared responsibility, but in fact, the entire burden shifts to the cosigner if a friend or relative falls behind. Cosigning is potentially disastrous for credit scores and relationships alike.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumers are people with credit scores in the 600s. If this is you, we’d love to talk to you about how we might be able to help you meet your financial goals. We offer loans from $2,000 to $25,000, all with fixed payments and simple interest.
How Do You Check Your Credit Score?
In this article:
How to Check Your Credit Scores What Do Credit Scores Mean? What Affects My Credit Scores? Does Checking Your Credit Score Lower It?
You can check your credit score from many sources, including Experian. Learning what your credit scores mean and what affects them can help you when you're getting ready to apply for new credit.
Lenders use credit scores to decide how likely it is you will repay your debts on time. There are hundreds of credit scoring models in existence, though the FICO В® Score в‰ is the most common. The higher your credit scores, the better offers you are likely to receive from lenders in the form of lower interest rates and other favorable terms.
How to Check Your Credit Scores.
There are a few ways to check your credit scores:
Visit a free credit scoring website. Numerous websites offer free credit scores; just pay attention to the terms before you sign up. Some free sites offer educational scores that aim to give you an understanding of how you're doing credit-wise. You can obtain your free FICO В® Score through Experian. Check with your credit card issuer or lender. Many credit card and car loan companies offer complimentary credit scores that you can check by logging into your account online or receiving on your monthly statement. Typically, you have to opt in to receive the number. Visit a nonprofit credit counselor. Credit counselors can often pull your scores for free and go over the details with you. To find one, check with the National Foundation for Credit Counseling.
What Do Credit Scores Mean?
Because there are so many credit scoring models in existence, you likely have multiple scores. If you pull your score from one site or product, it will likely be slightly different from one you find through another product.
So don't get hung up on one particular score or even the exact number. Instead, pay attention to what range you fall in. Most websites and card issuers will offer some context behind the score in addition to the number.
That information will typically include where you stand and whether your score is poor, fair, good, very good or exceptional. You will also likely find information about why your score is what it is. Your score range can help you understand how lenders view your creditworthiness and what types of credit products you're likely to be approved for.
What Affects My Credit Scores?
It's important to understand the factors that go into determining your credit scores so you know how to improve them if necessary. For the FICO В® Score, the credit score version you will receive through Experian, there are five main factors that impact your score. They are all weighted differently:
Payment history : Your payment history—how regularly you pay your bills on time—accounts for 35% of your FICO ® Score. Late or missed payments can negatively affect your FICO ® Score, while a pattern of making payments on time is the best way to keep it high. Amount of debt : The amount of available debt you're using, referred to as your credit utilization ratio, accounts for 30% of your score. This is calculated by dividing how much credit you're using by the total amount of credit available to you. So if you have three credit cards with a combined credit limit of $10,000, and you have a total combined balance of $3,000 on all three cards, your utilization ratio is 30%. Most experts recommend keeping your ratio below 30%, and for the best scores, below 7%. Length of credit history : How long you've used credit, including your oldest and newest accounts—as well as the average age of all your open accounts—accounts for 15% of your FICO ® Score. Generally, the longer you've used credit, the higher your scores. Amount of new credit : The total amount of new credit accounts for 10% of your FICO ® Score. This takes into consideration how many accounts you've opened recently and how many recent hard inquiries you have on your credit report. Too many new accounts and inquiries could indicate greater credit risk. Credit mix : The variety of types of credit you're using accounts for 10% of your FICO ® Score. If you have different kinds of credit, like credit cards and installment loans, you'll score higher than if you only have one type of credit, such as retail cards.
When you receive your credit score, you should also get some guidelines on your score profile and why your score ranks where it does. This will include information on what's hurting it and what's helping your score, as in the image below:
These guidelines will help you figure out what you need to do to maintain a good FICO В® Score, and what you need to do to improve it. For example, if bad payment history is one of the reasons your FICO В® Score is on the lower side, you should focus on paying your bills on time. Consider automating your payments so you never miss them again.
How to Get Your FICO В® Score for Free.
Understand the reasons that help or hurt your FICO В® Score, including your payment history, how much credit you are using, as well as other factors that influence your overall credit. Get Your FICO В® Score.
Does Checking Your Credit Score Lower It?
Checking your own credit score is considered a soft inquiry and won't affect your credit score in any way. You can check your score as often as you like and know your credit won't be affected. It's wise to check your credit score regularly, but especially when you are getting ready to apply for new credit.
In addition to checking your credit score, you should check your credit report at least once a year to make sure all the information there is correct. If you see something you strongly believe is inaccurate, you can file a dispute with the appropriate credit bureau.
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