Factors that Don’t Affect Your Credit Score

Oregonians Credit Union Mar 25, 2020 2 min

Chances are you’ve heard all the things you should or shouldn’t do when it comes to your credit score — don’t miss payments, keep low credit card balances, etc. So, here are some things that don't affect your credit score.

1. Getting Married

Saying “I do” means many things, but your marital status doesn’t have any impact on your individual credit scores. If you apply for a line of credit together, say, for a mortgage, both of your credit reports will be evaluated.

2. Your Paycheck

The fact that you have income and pay your bills on time is the only way your earnings affect your credit. You can be wealthy and still have lousy credit because you let the bills slide, or you can earn minimum wage and have great credit because you’ve learned to pay bills on time and borrow responsibly.

3. Your Education Level

Diplomas make no difference to FICO or anyone at the credit reporting agencies. As long as you pay your bills on time, keep low credit card balances, and have a decent credit history, you’ve made the good-credit grade.

4. Checking Your Credit Report

Checking your own credit is known as a “soft inquiry” and has no effect on your credit score. It’s important to check your credit at least once a year to ensure there are no errors and that you’re not a victim of identity theft or fraud.

5. Rent Payments

It’s the biggest payment you make every month, so it’s a bummer that it doesn’t raise your credit score if you pay your rent on time. If you’re late on your rent, that’s just between you and your landlord.

6. Insurance Payments

Although insurance companies check your credit before they take you on as a risk, if you find yourself in a pinch, money-wise, late insurance payments won’t harm your credit. However, insurance companies always have the option of canceling your policy when you miss a payment.

7. Savings and Checking Account Balances

It doesn’t matter if you don’t have a lot of money in your checking or savings accounts. Credit reports don’t look at account balances because the only connection between the two is that the money in the accounts is being used to pay bills on time and to pay down debt.