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Understanding Your Credit Report: Key Factors for a Healthy FICO Score

Join Daniel Fernandez in this informative presentation on credit reports, featuring insights from three major credit bureaus: Experian, Equifax, and TransUnion. Learn about crucial factors influencing your credit score, such as payment history, amounts owed, and credit history length. Discover how to manage your debt, including utilities, medical expenses, and rent. Understand the FICO scoring system and receive actionable tips for improving your credit score, such as on-time bill payments and maintaining low credit balances. Empower yourself to take charge of your financial health!

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Understanding Your Credit Report: Key Factors for a Healthy FICO Score

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Presentation Transcript

  1. Give Yourself Some Credit Understanding Your Credit Report Presented by Daniel Fernandez, Period 2

  2. Generated by three companies • Experian, Equifax, TransUnion • Factors • How much you owe to each company • Payment history for each company • Includes utilities, medical expenses, rent Credit Report Fundamentals

  3. Range-760(excellent) to 620(poor) • 35%- Payment history • 30%- Amounts owed • 15%- Credit history length • 10%- New credit • 10%- Credit types How FICO is Calculated

  4. Pay bills on time • Avoid opening many new accounts • Open only if you intend you use • Keep balances low • Less than 25% of credit limit • Review credit report yearly Improve your FICO Score

  5. Give Yourself Some Credit

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