What impact will my linked accounts have on my credit score(s)?

This really depends on your current credit file. Let's look at three different situations:

1. No Credit History – This is called a “no file” by the credit bureaus and lenders. If you have no credit file, there is no way to create a traditional credit score for the lender to use. When you link an eligible account, you will now have enough information to create a credit score using some credit scoring models. If you link a Mobile Phone account with 18 months of on-time payment history and an Internet account with 18 months of on-time payment history, you might see a score of 620. If you link a third account, you might see a score as high as 650.

2. Limited Credit History – This is called a “thin file” by the credit bureaus and lenders. A “thin file” will not usually create a traditional credit score due to the lack of information required to create a score. When you link even one account with 18 months of on-time payment history, it’s very possible you will now have a credit score. The range can vary significantly based on the other information already present in your file.

3. Extensive Credit History – This is called a “thick file” by the credit bureaus and lenders. A “thick file” usually contains a significant amount of credit history based on a variety of debts you have taken on. This might include credit cards, auto loans, and a mortgage. The “thicker” your file, the less impact adding linked accounts will have. But here’s why you should still use eCredable Lift to link accounts – lenders use credit score ranges to create “credit score bands”. A credit score band helps them establish the financial terms that will be offered for each credit score band. If you happen to be sitting at a 749 and linking your Mobile Phone account lifts your score up just one point to a 750, the lender might offer better terms to someone with a 750 credit score. Of course, you’ll never know the exact credit score ranges associated with a score band – lenders don’t usually advertise this. The best advice is simply to have as much positive information as possible in your file credit file to get best the credit score possible.