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Manage Your Credit Report: Improve and Protect Your FICO Score for Financial Security

Your FICO score is crucial for obtaining loans and negotiating better interest rates. A higher score leads to lower monthly payments and increased credit limits, saving you money in the long run. Understanding the five key factors affecting your score—payment history, credit utilization, credit age, recent applications, and credit mix—can help you fix and improve your credit. With up to 50% of Americans scoring 720 or above, it's essential to actively manage your credit for financial stability and security.

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Manage Your Credit Report: Improve and Protect Your FICO Score for Financial Security

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  1. Manage Your Credit Report – and Save! How to fix, improve and protect your credit score

  2. Why is it important? • FICO Scores are your credit rating • Most lenders base approval upon them • Higher scores means better credit, lower interest rates and lower payments • Higher scores also mean frequent limit increase and higher credit limits Bottom line: It means more money to your pocket and more security when you need it!

  3. FICO Score and Delinquency Rates

  4. FICO Score Distribution Note: Best rates are available to good FICO scores consumers, people who score 720 or above. Approximately, 50% of American public scores 720 or above.

  5. Example: Good Credit Saves You Money Higher the FICO score translates to lower interest payment Example: $15,000 Car Loan, 60 months Note: Difference: $24 per month between high and low FICO scores. Equivalent savings on mortgage loans: $100,000 in Florida = $160 /mth $400,000 in California = $640/mth

  6. Five Determining Factors of FICO Scores • Your Payment History (35%) • How much you owe (30%) • How long you have had credit (15%) • Your last application for credit (10%) • The types of credit you use (10%)

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