Hamilton lara give yourself some credit
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Your credit report and FICO score are generated based on your payment history, amounts owed, credit history length, new accounts opened, and types of credit used. Payment history makes up 35% of the score and factors include how much is owed to companies as well as payment history for utilities, medical bills, and rent. To improve your FICO score, pay all bills on time, avoid opening multiple new accounts unless needed, keep balances low at less than 25% of the credit limit, and review your credit report yearly.
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Hamilton lara give yourself some credit
- 1. Give Yourself Some CreditUnderstanding Your Credit ReportHamilton LaraEconomics 101
- 2. Credit Report FundamentalsGenerated by three companies Experian, Equifax, TransUnionFactorsHow much you owe to each companyPayment history for each companyIncludes utilities, medical expenses, rent
- 3. How FICO Is CalculatedRange – 760 (excellent) to 620 (poor)35% - Payment history30% - Amounts owed15% - Credit history length10% - New credit10% - Credit types
- 4. Improve Your FICO scorePay bills on timeAvoid opening many new accounts Open only if you intend to useKeep balanced low Less than 25% of credit limitReview credit report yearly