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Give Yourself Some Credit

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Presentation on theme: "Give Yourself Some Credit"— Presentation transcript:

1 Give Yourself Some Credit
Understanding Your Credit Report Marc Kantlon 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 utilites, medical expenses, rent Credit Report Fundamentals

3 How FICO Calculate Range – 760 (Excellent) to 620 (poor)
35% - Payment history 30% - Amounts owed 15% - Credit history length 10% - New credit 10% - Credit types How FICO Calculate

4 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

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