Get the facts about your credit score
Range of scores:
A = greater than 740
B = 739 to 680
C = 679 to 640
D = 639 to 600
E = less than 599
What makes up your score?
- 35% = payment history
- 30% = amount of debt
- 15% = length of credit
- 10% = new credit (in last 12-18 months)
- 10% = mix of credit (installment vs. revolving)
What hurts your score?
- Missing payments.
- Credit cards at capacity.
- Shopping for credit excessively.
- Opening multiple accounts in a short time frame.
- Borrowing from finance companies (Payday loan stores).
- Closing credit cards out.
- Having more revolving vs. installment debts.
How do you improve your score?
- Pay off or pay down your credit cards.
- Don’t close credit cards.
- Move revolving debt into installment debt.
- Continue to make timely payments.
- Slow down on opening new accounts.
Approximate credit weight for each year?
- 40% = current to 12 months
- 30% = 13-24 months
- 20% = 25-36 months
- 10% = 37+ months
