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Your credit report and score are generated by three major credit bureaus and are based on your payment history, amounts owed, length of credit history, new credit applications, and types of credit used. To improve your FICO score, you should pay all bills on time, avoid opening multiple new credit accounts unless needed, keep credit card balances low at less than 25% of the limit, and review your credit report annually.
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- 1. Give Yourself Some CreditUnderstanding Your Credit ReportMarc Kantlon Economics 101
- 2. Credit Report Fundamentals Generated by three companies Experian, Equifax, Trans Union factors How much you owe to each company Payment history for each company Includes utilities, medical expenses, rent
- 3. How FICO Is Calculated Range-760(excellent)to 620(poor) 35%-Payment history 30%-Amounts owed 15%-Credit history length 10%-New credit 10%-Credit types
- 4. Improve Your FICO Score Pay bills on time Avoid opening many new accounts Open only if you intend to use Keep balances low Less than 25% of credit limit Review credit report yaerly.