Credit Scores

Credit Scores

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  • I have some questions about credit scores.
  • Okay. What would you like to know?
  • What is credit?
  • Credit is when goods, services and/or money are received in exchange for a promise to pay back the sum of money at a future date.
  • Credit scores are calculated using these five categories: 35% payment history, 30% outstanding debt, 15% credit history, 10% pursuit of new credit and 10% types of credit in use
  • How are credit scores calculated?
  • What scale is used for credit scores? 
  • Credit scores range from 300 to 850 with 850 being the highest
  • How do maintain a good credit score?
  • A few things you can do are pay your bills on time, pay credit card bills off in full every month and apply for credit sparingly 
  • Thank you for your help! I know so much about credit scores now!
  • You're welcome! 
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