Start with the language of credit
This section will introduce credit terminology, common account types, interest, and borrowing costs. It is a starting point for understanding credit conversations and asking informed questions.
Topics to Explore
Credit reports and scores; payment history and balances; interest and fees; and the difference between understanding credit and applying for it.
Explore Credit Basics, Personal Credit, and Business Credit.
Questions about GCU? Email goodcredituniversity@yahoo.com.
Educational information only. Individual circumstances and results vary.
Start Here: How Credit Works
Read How Credit Works: A Beginner’s Guide — an introduction to credit reports, scores, payments, and credit card balances.
Review Your Credit Reports
Read How to Check Your Credit Reports for Free — learn where to get your reports, what to review, and how to follow up on errors.
More Credit Basics Guides
- Credit Reports vs. Credit Scores — Understand the difference between the information in a credit report and the score calculated from it, with examples and questions to ask when comparing scores.
- What Affects Your Credit Score? — Learn the main kinds of information used in credit scoring, how FICO describes its categories, and why one action does not produce a guaranteed point change.
- FICO vs. VantageScore — Understand FICO and VantageScore model families, why versions and dates matter, and how to compare the scores you see without expecting identical results.
- Hard vs. Soft Credit Inquiries — Learn which credit checks can affect scores, how loan rate-shopping rules differ, and what to ask before authorizing an application.
- How to Read Your Credit Report — Learn how to interpret account details, payment history, balances, reporting dates, and inquiry sections on your credit report.
- Common Credit Myths Explained — Separate common credit myths from verified information about report checks, interest, income, closed accounts, and multiple credit scores.