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Give Yourself Some Credit Understanding Your Credit Report Melanie Hurley Economics 101.

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Presentation on theme: "Give Yourself Some Credit Understanding Your Credit Report Melanie Hurley Economics 101."— Presentation transcript:

1 Give Yourself Some Credit Understanding Your Credit Report Melanie Hurley Economics 101

2 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

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 You 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

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