Understanding Your Credit Score

What Makes Up Your Credit Score?

Your credit score is calculated using five main factors:

• Payment History (35%): Your track record of paying bills on time
• Credit Utilization (30%): How much of your available credit you're using
• Length of Credit History (15%): How long you've had credit accounts
• Credit Mix (10%): The variety of credit accounts you have
• New Credit (10%): Recent credit applications and new accounts

Credit Score Ranges

Credit scores typically range from 300 to 850:

• Excellent: 800-850
• Very Good: 740-799
• Good: 670-739
• Fair: 580-669
• Poor: 300-579

Tips for Improving Your Score

1. Always pay your bills on time
2. Keep credit utilization below 30%
3. Maintain old credit accounts
4. Limit new credit applications
5. Regularly check your credit report for errors