Llagas,j
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Your credit report is generated by Experian, Equifax, and Trans Union and includes information on how much you owe different companies, your payment history, and other debts. Your FICO credit score ranges from 760 to 620 and is calculated based on your payment history (35%), amount owed (30%), credit history length (15%), new credit (10%), and credit types (10%). To improve your score, you should pay your bills on time, avoid opening too many new accounts, keep credit balances low at less than 25% of the credit limit, and review your credit report yearly.
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- 1. Give Yourself Some CreditUnderstanding Your Credit ReportJenevieLlagasEconomics 101
- 2. Credit Report FundamentalsGenerated by the companiesExperian, Equifax, Trans UnionFactorsHow much you owe to each company Payment history for each company Includes utilities, medical expenses, rent
- 3. How FICO is CalculatedRange- 760 (excellent) to 620 (poor)35%- Payment history 30%- Amount owed 15%- Credit history length 10%- New2 credit 10%- Credit types
- 4. Improve Your FICO ScorePay bills on timeAvoid opening many new accountsOpen only if you intend to useKeep balances lowLess than 25% of credit limitReview credit report yearly