This is your Member Reference Number (MRN). You’ll need to provide this when you make an appointment with an EAP counselor or contact your EAP by phone.

Anthem provides automatic translation into multiple languages, courtesy of Google Translate. This tool is provided for your convenience only. The English language version is considered the most accurate, and in the event of a discrepancy between the translations, the English version will prevail. This translation tool is not controlled by Anthem, and the Anthem Privacy Statement will not apply. Please read Google's privacy statement. If you want Google to translate the Anthem website, select a language.

Building a Better Credit Report (Part 5)

What factors affect my credit score?

Credit scoring systems are complex and vary among creditors or insurance companies and for different types of credit or insurance. If one factor changes, your score may change—but improvement generally depends on how that factor relates to others the system considers. Only the business using the system knows what might improve your score under the particular model it uses use to evaluate your application. Nevertheless, scoring models usually consider the following types of information in your credit report to help compute your credit score:

Have you paid your bills on time?

You can count on payment history to be a significant factor. If your credit report indicates that you have paid bills late, had an account referred to collections, or declared bankruptcy, it is likely to have a negative effect on your score.

Are you maxed out?

Many scoring systems evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, it's likely to have a negative effect on your score.

How long have you had credit?

Generally, scoring systems consider your credit track record. An insufficient credit history may affect your score negatively, but factors like timely payments and low balances can offset that.

Have you applied for new credit lately?

Many scoring systems consider whether you have applied for credit recently by looking at inquiries on your credit report. If you have applied for too many new accounts recently, it could have a negative effect on your score. Every inquiry isn't counted: For example, inquiries by creditors who are monitoring your account or looking at credit reports to make prescreened credit offers are not considered liabilities.

How many credit accounts do you have, and what kinds of accounts are they?

Although it is generally considered a plus to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many scoring systems consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may have a negative effect on your credit score. Scoring models may be based on more than the information in your credit report. When you are applying for a mortgage loan, for example, the system may consider the amount of your down payment, your total debt, and your income, among other factors.

Improving your score significantly is likely to take some time, but it can be done. To improve your credit score under most systems, focus on paying your bills in a timely way, paying down any outstanding balances, and staying away from new debt.

U.S. Federal Trade Commission. (2014). Building a better credit report. Retrieved January 10, 2019, from https://www.consumer.ftc.gov/

More about this Topics

  • Building a Better Credit Report (Part 3)

  • Disputing Inaccurate Credit Information

  • Knee Deep In Debt (Part 1)

  • Child Identity Theft (Part 1)

  • Building a Better Credit Report (Part 1)

Other Topics

    • Credit: How to Get It and How to Improve It
    • General Debt Management Techniques
    • Knee Deep In Debt (Part 2)
    • Building a Better Credit Report (Part 2)
    • Child Identity Theft (Part 3)
    • Bankrate
    • Mint
    • American Bar Association
    • Request a Free Annual Credit Report
    • Omni Calculator
    • Spark Webinar: Living Off Your Paycheck: Secrets to Making Ends Meet
    • Make Your Money Work for You: A Debt Management Plan
    • Financial Basics Handbook
    • Request Reinvestigation of Credit Report Entry
    • Dispute Credit Card Charge
    • Demand Damages for Excessive Calls