Credit Score
How a Credit Score is Determined/Factors: Your credit score is based on a multitude of your spending character, such as...
-Payment Record
-Total amount owed compared to credit limit
-Credit History
-Application History
-Type Credit Cards Owned
Your score is then calculated into a three digit number, the higher the better.
Credit Reporting Agencies: There are three agencies that determine your credit score, each one will be slightly different than the others. The three agencies include..
-TransUnion
-Equifax
-Experian
Keeping a Good Credit Score: Many things impact a credit score, here are some of the major ones.
Never:
-Pay Late/ don't pay
-Refinance
-Cancel Accounts Often
-Move Around Debt
-File Bankruptcy
Will Not Effect Score:
-Race
-Religion
-Location
Building a Credit Score: Building a credit score takes time and focus, here are some tips to help.
-Pay on time
-Check Your Credit Report
-Open a Bank Account
-Obtain a Secured Credit Card
-Obtain a Retail Credit Card
-Apply For Loans
-Have a Good Standing Job
Sources: http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx
http://money.howstuffworks.com/personal-finance/debt-management/10-ways-to-build-credit.htm#page=6
-Payment Record
-Total amount owed compared to credit limit
-Credit History
-Application History
-Type Credit Cards Owned
Your score is then calculated into a three digit number, the higher the better.
Credit Reporting Agencies: There are three agencies that determine your credit score, each one will be slightly different than the others. The three agencies include..
-TransUnion
-Equifax
-Experian
Keeping a Good Credit Score: Many things impact a credit score, here are some of the major ones.
Never:
-Pay Late/ don't pay
-Refinance
-Cancel Accounts Often
-Move Around Debt
-File Bankruptcy
Will Not Effect Score:
-Race
-Religion
-Location
Building a Credit Score: Building a credit score takes time and focus, here are some tips to help.
-Pay on time
-Check Your Credit Report
-Open a Bank Account
-Obtain a Secured Credit Card
-Obtain a Retail Credit Card
-Apply For Loans
-Have a Good Standing Job
Sources: http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx
http://money.howstuffworks.com/personal-finance/debt-management/10-ways-to-build-credit.htm#page=6