Both banks and lenders may request a person’s credit score during an application or approval process. A credit score is a number that is based on your credit history. This number helps lenders identify how much risk they may be taking in lending you money and your odds of paying it back successfully. In addition to banks and lenders, landlords, merchants, employers and insurance companies may require a person to provide their credit score.

How credit scores are determined

Credit scoring methods may include information such as your income or how long you’ve been at the same job. A credit score can range from 300 to 900, with higher numbers indicating a better score. According to, around 35% of a person’s credit score is based on payment history, around 15% is based on the length of time credit has existed, and approximately 30% is based on outstanding debt.

Increasing your credit score

Financial advisors often suggest that people who want to increase their credit score should reduce the balances on any open credit cards and pay their bills on time. One way to increase your credit score would be to pay off any outstanding debts.

How to settle debt

The option of settling your debt for less than what you owe is something worth exploring, especially if you are trying to eliminate your debts. CuraDebt has been helping individuals and small businesses for over 22 years nationwide. As of May 2023 CuraDebt received a score of 5 out of 5 on CustomerLobby for a total of 1179 customer views. CuraDebt is an Accredited Member of the American Fair Credit Council. Contact us for a free consultation. 1-877-850-3328.

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