Give yourself some credit
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Give Yourself Some Credit. Understanding Your Credit Report Grethel Beaton CGS1060. Generated by three companies ◦ Experian, Equifax, TransUnion Factors ◦ How much you owe to each company ◦ Payment history for each company Includes utilities, medical expenses, rent.

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Give Yourself Some Credit

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Give yourself some credit

Give Yourself Some Credit

Understanding Your Credit Report

Grethel Beaton

CGS1060


Credit report fundamentals

  • Generated by three companies

    ◦ Experian, Equifax, TransUnion

  • Factors

    ◦ How much you owe to each company

    ◦ Payment history for each company

  • Includes utilities, medical expenses, rent

Credit Report Fundamentals


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

How FICO Is Calculated


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 yearly

Improve Your FICO Score


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