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Give Yourself Some Credit. Understanding Your Credit Report Stephanie Soto Economics 101. Generated by three companies Experian, Equifax, TransUnion Factors How much you owe to each company Payment History for each company Includes utilities, medical expenses, and rent.

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give yourself some credit

Give Yourself Some Credit

Understanding Your Credit Report

Stephanie Soto

Economics 101

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, and rent
Credit Report Fundamentals
how fico is calculated

Range – 760 (excellent) to 620 (poor)

    • 35%- Payment history
    • 25%- Amounts owed
    • 20%- 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