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

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Presentation transcript:

Give Yourself Some Credit Understanding Your Credit Report Melanie Hurley 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, rent

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

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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