Your Credit Score

Your credit is one of the most important components in your financial life.  A good credit score determines if you will be approved for a loan or line of credit.

The most widely used credit scoring system (FICO) was developed by Fair Isaac Corporation.  A FICO score can range from 300 to 850.  The higher the score, the better your credit profile.  Individuals with a higher score may benefit from lower insurance rates and  interest rates for loans.  The average consumer holds a credit score in the range of 600 to 750. 

1. Your Payment History
2. Amounts Owed
3. Length Of Credit History
4. Types Of Credit Used
5. New Credit 

What is not considered in a credit score:

• Housing status - if you rent or own
• Income
• Length of time at your current job
• Length of time at your current address
• Previous denial of credit