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The 411 on Your Credit Score

THE ON YOUR 411 CREDIT SCORE Credit Scores: 3 Numbers, Big Impacts Scores range With a low score, you... from 300 to 850 • May not qualify for credit/loans • Will pay higher interest rates 850 With a high score, you... 700 • Will easily qualify for most credit/loans 600 500 400 • Will receive the 300 best rates Most lenders use FICO scores calculated based on reports from... Experian TransUnion Equifax Your Score Represents Your Financial History and Behavior of your score is based on 35% your payment history is the amount of debt you have 30% is the length of 15% your credit history is the type of credit you use 10% 10% is new credit Note: These percentages may be different if you don't have a long credit history or don't use many types of credit Managing Your Credit Score THINGS THAT DRIVE YOUR SCORE DOWN %$4 High debt-to-credit Having only one type of credit Late payments ratio THINGS THAT DRIVE YOUR SCORE UP $4 Carrying low credit card balances Having a mix of credit types On-time payments Credit report errors are common MISINFORMATION CAN LOWER YOUR CREDIT SCORE Wrong information can include... Failing to report a More than one Incorrect status entry for a delinquent account remedied delinquency CHECK YOUR REPORT AT LEAST ONCE PER YEAR • Mistakes must be disputed with the reporting credit bureau • A credit attorney can ensure your good CREDIT REPORT name-and credit-are restored BLANKINGSHIP & CHRISTIANO P.C. Infographic provided by: Blankingship & Christiano P.C. Sources: consumers-dont-understand-about-credit-scores %24 %24 00

The 411 on Your Credit Score

shared by BrittSE on Sep 17
If you have a low credit score, you may not qualify for credit or loans. Even if you do qualify, you’ll pay higher interest rates! Find more facts about credit scores by reading through this infogra...


Blankingship & Christiano P.C.


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