Your 3-digit credit score is used by creditors to predict how you will be able to pay your bills. The 3-digit credit score can range from
300 (lowest credit score) to 850 (highest credit score) which is calculated using your personal credit history in your credit report.
Here is the percentage breakdown of the parts of Your Credit Score:
35% - Your Payment History
30% - Amount Owed
15% - Length of Your Credit History
10% - Types of Credit Used
10% - Newly acquired Credit
As you can see, the two most important factors that go into your credit score are your payment history (have you paid all your bills on time?) and the amounts you owe (how much debt do you carry?).
Together, these categories make up about two-thirds of your credit score. That means that if you want to improve your credit score you should focus on paying your bills on time and paying down debt.
Posted under credit repair, credit report, improve FICO score
This post was written by fixbadcredit
