Solving the Credit Card Puzzle

Solving the Puzzle Piecing together your credit score LOANS Source: myFICO.com, FTC.gov 10% Types of Credit 10% New Credit • Types of credit • Number of each • Number of new accounts • Duration of most recent account • Requests for new credit • Credit report inquiries (by lenders) • Recent credit history 35% Payment History • Types of account • Public record and collection items • Delinquencies • Track record 4012 8888 8888 1881 GoO V0/13 THRU MEMBER 008 SINCE JOSEPH R SCHMO 15% Length of Credit History • Average age of accounts • Duration of specific accounts • Frequency of account use 30% Amounts Owed • Amount owed on all accounts • Amount owed to different kinds of accounts • Outstanding balances • Amount of available credit used • Outstanding loans infoshot Where you fit: Median score (U.S.A.): 723 27% 18% 15% 12% 13% 8% 5% 2% <499 500-549 550-599 600-649 650-699 700-749 750-799 >800