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Power Point Chapter 1 Lab 1 Credit


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Power Point Chapter 1 Lab 1 Credit

  1. 1. Give Yourself Some Credit<br />Understanding Your Credit Report<br />Shereka Brown<br />Economics 101<br />
  2. 2. Credit Report Fundamentals<br />Generated by three companies<br /> Experian, Equifax, TransUnion<br />Factors<br />How much you owe to each company<br />Payment history for each company<br />Includes utilities, medical expenses, rent<br />
  3. 3. How FICO Is Calculated<br />Range – 760 (excellent) to 620 (poor)<br />35% - Payment history<br />30% - Amounts owed<br />15% - Credit history length<br />10% - New credit<br />10% - Credit types<br />
  4. 4. Improve Your FICO Score<br />Pay bills on time<br />Avoid opening many new accounts<br />Open only if you intend to use<br />Keep balances low<br />Less than 25% of credit limit<br />Review credit report yearly<br />