1. Financial Fact Sheets
  2. Do You Know Your Credit Score?

Do You Know Your Credit Score?

Hands holding phone with credit score on the screen

At UConn Extension, we believe that understanding your credit score is a key step toward building long-term financial stability. A recent survey by the Consumer Federation of America and VantageScore found that individuals who regularly check their credit scores are more likely to understand how credit scoring works, and the number of people doing so is on the rise.

Whether you’re planning to apply for credit soon or simply want to improve your financial health, here are three essential things to know about your credit score:

1. Missed Payments Can Hurt Your Score

Your payment history is one of the most important factors in your credit score. Missing payments on credit cards, car loans, or student loans can significantly lower your score. Even a single late payment can have a negative impact, especially if it goes to collections.

To protect your score:

  • Always pay at least the minimum amount due.
  • Set up reminders or automatic payments to avoid missing due dates.
  • Consistent, on-time payments will help your score improve over time.

2. High Credit Card Balances Can Lower Your Score

Carrying a high balance on your credit cards can hurt your credit score, even if you pay on time. This is due to your credit utilization ratio, the percentage of your available credit that you’re using. A good rule of thumb: Keep your balance below 30% of your total credit limit. For example, if your combined credit limit is $1,000, try to keep your balance under $300. Paying your balance in full each month not only helps your score but also keeps you out of debt and gives you a fresh start every billing cycle.

3. Checking Your Credit Report Won’t Hurt Your Score

You can—and should—check your credit reports regularly to ensure they’re accurate. Doing so does not affect your credit score. Here’s how:

  • Visit AnnualCreditReport.com or call 800-322-8228 to get your free credit report from each of the three major credit bureaus once per year.
  • Many banks and credit card companies also offer free access to your credit score.
  • Monitoring your score helps you understand how your financial habits affect your credit and can alert you to potential fraud or errors.

Knowing your credit score is the first step toward building your long-term financial stability.

Updated June 2025