| Background |
| Your credit score is created using a mathematical
formula that measures data from your credit report.
Credit scores evaluate your payment behavior, debt
levels and credit history. Factors like income, race and
gender are not measured in the scoring process. Credit
scoring systems are used by lenders, insurers,
landlords, employers and utility companies to evaluate
your credit behavior. Having a high credit score will
help you receive the best rates on new credit and loans.
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| Explanation
|
| There are several factors taken into account that
help determine your credit score. The factors making the
largest impact are listed below. Remember that these
factors vary in how strongly they impact your credit
score. For example, if you have a very high credit
score, the negative factors in your analysis are likely
to have a small impact. For very low credit scores, the
opposite is true in that negative factors have a very
large impact on your credit. |
Here is where you can improve.
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Not enough revolving debt experience. [TransUnion]
A healthy balance of credit and loan accounts is key
to achieving a high credit score. It is important to
build a record of responsible credit use over time with
different types of accounts. Consider opening a new
account to strengthen your credit report and improve
your score. |
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There are not enough accounts in good standing on
your credit report. [TransUnion] Having credit
available to you is a sign that you are able to manage
your finances responsibly. Lenders like to see that
consumers have a large amount of credit available to
them, but not so much that they could spend more than
they could afford to pay back. If you currently have
multiple accounts open with high balances, try reducing
your balances below 35 percent of your limits to improve
your score. If you do not have many open accounts,
consider opening a new credit account or asking your
creditors to increase your limits in order to improve
your credit score. |
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There are not enough premium bankcard accounts on
your credit report. [TransUnion] A healthy balance
of credit and loan accounts is key to achieving a high
credit score. It is important to build a record of
responsible credit use over time with different types of
accounts. Consider opening a new account to strengthen
your credit report and improve your score. |
|
|
Not enough revolving debt experience. [Experian]
A healthy balance of credit and loan accounts is key
to achieving a high credit score. It is important to
build a record of responsible credit use over time with
different types of accounts. Consider opening a new
account to strengthen your credit report and improve
your score. |
|
|
The balances on your bankcard accounts are too
high in comparison with your credit limits. [Experian]
Having credit available to you is a sign that you
are able to manage your finances responsibly. Lenders
like to see that consumers have a large amount of credit
available to them, but not so much that they could spend
more than they could afford to pay back. If you
currently have multiple accounts open with high
balances, try reducing your balances below 35 percent of
your limits to improve your score. If you do not have
many open accounts, consider opening a new credit
account or asking your creditors to increase your limits
in order to improve your credit score. |
|
|
There are not enough premium bankcard accounts on
your credit report. [Experian] A healthy balance of
credit and loan accounts is key to achieving a high
credit score. It is important to build a record of
responsible credit use over time with different types of
accounts. Consider opening a new account to strengthen
your credit report and improve your score. |
|
|
Not enough revolving debt experience. [Equifax]
A healthy balance of credit and loan accounts is key
to achieving a high credit score. It is important to
build a record of responsible credit use over time with
different types of accounts. Consider opening a new
account to strengthen your credit report and improve
your score. |
|
|
The balances on your bankcard accounts are too
high in comparison with your credit limits. [Equifax]
Having credit available to you is a sign that you
are able to manage your finances responsibly. Lenders
like to see that consumers have a large amount of credit
available to them, but not so much that they could spend
more than they could afford to pay back. If you
currently have multiple accounts open with high
balances, try reducing your balances below 35 percent of
your limits to improve your score. If you do not have
many open accounts, consider opening a new credit
account or asking your creditors to increase your limits
in order to improve your credit score. |
|
|
There are not enough premium bankcard accounts on
your credit report. [Equifax] A healthy balance of
credit and loan accounts is key to achieving a high
credit score. It is important to build a record of
responsible credit use over time with different types of
accounts. Consider opening a new account to strengthen
your credit report and improve your score. |
