Your Credit History & FICO Score
When it comes to credit, you need to know that your
credit score can and does affect you financially.
Today’s financial indiscretions become tomorrow’s
low credit score!
Even though you have “perfect credit history”, you
may have a lower than perfect credit score.
your score is based upon your payment history.
of scores are based on debt ratio.
is comprised of the length of credit history.
is based on credit type (mortgage/auto loans/credit
of your score is based on inquiries
Here’s ways to establish and improve your credit
history & FICO (Fair Isaac Company—an organization
that establishes an equation to represent your
creditworthiness in a three-digit number) scores:
your bills on time
for a secured credit card
for a small loan or credit card with a co-signer
your credit report once a year
your credit report a few months before requesting a
letting accounts to turned over to a collection
having judgments filed against you
denied credit, review your credit report
to avoid constantly switching employers
to avoid frequent changes in residence
to increase your income
to decrease your debt
Remember, establishing credit or repairing bruised
credit takes time… it won’t happen overnight!
You have to approach this as a long-term goal. If
you’re just beginning to establish credit for the
first time, take things slow and begin by opening a
few small accounts. With these initial accounts,
make sure you use the credit wisely and develop
sound habits. Before long, you’ll be on your way to
building a great credit history!
Important contact information:
Credit Report Request, P.O. Box 105281, Atlanta, GA
(formerly TRW) 888.397.3742 http://www.experian.com