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Understanding Your Credit Score

Do you understand  your credit score?

Your credit score is a number between 300 and 850 with the higher number being the better score. It is determined by a collection of information on your use of credit such as

  • Credit accounts (past and current loans, credit cards, mortgages, store cards, etc.) and
  • Payment history (timeliness of payments, meeting obligations)
  • Companies review your credit file when you apply for loans or credit lines
  • Used to determine your credit worthiness
  • Greatly Impacts amount you can borrow and the interest rate you will be charged and in some cases other significant areas of your life.

Credit agencies rate your credit-worthiness based upon

  • Stores you shop at
  • How much you spend
  • The percentage of credit line utilized
  • Things you buy
  • Paying on time and
  • How many accounts you have

I believe Christians should have great credit scores. Obviously, we all experience setbacks or challenges that can negatively affect our ability to repay loans on time or in some cases – at all – but the Bible speaks to this issue of our integrity in the Psalms: The wicked borrows but does not pay back, but the righteous is generous and gives.

If our credit score is low, it is an indication that we need to improve our handling of money so we can always pay back what we have borrowed.  There are ways to improve your credit score and I’ll talk more about that tomorrow. But the issue must begin in our own heart. We need the desire to do the right thing and pay back what we have borrowed, to do it on time and to honor our word.

If you are struggling with paying back your credit cards, get in touch with Christian Credit Counselors. They can help you make a pay-off plan and learn how to avoid debt in the future. Learn more at

If you have more questions about money, call us at 800-722-1976