How credit works | Atlas Help Center

What is Credit?
Credit is your ability to buy goods or services today with borrowed money, and pay back at a future date
How credit affects your financial health?
Credit impacts your access to getting a loan, renting an apartment, or even getting a job. A good credit score can lead to lower interest rates on loans and access to high-limit credit cards, saving you significant money over time.
How are credit scores calculated?
5 variables that impact your credit score:
- Payment history: Lenders assess your reliability through your payment history, i.e., how consistently you've repaid debts. Regularly pay any outstanding balance on Atlas card before the due date
- Negative influencers on payment history: Late payments, accounts sent to collections, settlements, bankruptcies, and foreclosures can negatively affect your payment history. Reach out to Atlas to learn how you can dispute any inconsistencies in your credit report
- Amounts owed: Your credit utilization ratio is a major credit score factor. Keep your Atlas utilization rate - your balance on Atlas relative to your monthly (maximum) credit limit - under 30%
- Length of credit history: A longer credit history provides more data for lenders. Keeping your Atlas account open for longer can enhance your credit history
- Types of credit: Having a variety of credit types (e.g., credit cards, loans, utility & rental payments) and managing new credit responsibly are considered favorable. Reach out to Atlas to inquire about reporting rental payments to the credit bureaus
Why are the credit scores different across different bureaus?
Credit scores differ across different credit bureaus, primary reasons include:
- Different Information: Not all lenders report to every bureau, leading to varying data.
- Various Scoring Models: Models like FICO and VantageScore calculate scores differently.
- Update Frequency: Bureaus update records at different times, affecting score freshness.
- Specific Scoring Versions: Different versions of scoring models may be used by each bureau.
- Error or Inaccuracy: Mistakes in one bureau's data can cause score discrepancies.
How to read a credit report?
Review your credit report for personal info, credit history, and public records. It's important to review your credit report regularly for accuracy and any signs of fraud. Pay attention to other details such as account information, payment history, credit inquiries, and any negative information that may affect your creditworthiness.
How often should I check my credit score?
Check your credit score yearly, or monthly if actively building/repairing credit. Open your Atlas app, go to Credit, and check out your latest Experian Vantage 3.0 score as often as you’d like
How do I get a free credit report?
Get a free credit report annually from Equifax, Experian, and TransUnion at annualcreditreport.com, the only federally authorized source. Alternatively, check scores on free apps like Credit Karma or Experian.
Where can I see Atlas on my credit reports?
Atlas reports to all three credit bureaus as a “Line of Credit”. However, different apps may show this in different ways. Atlas may be listed under revolving accounts or other accounts based on where you view your credit report