© 2006 Consumer Jungle Credit Scores & Reports. © 2006 Consumer Jungle Why Credit is Important FICO or credit score: Credit Card Issuers & Lenders –Determine.

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Presentation transcript:

© 2006 Consumer Jungle Credit Scores & Reports

© 2006 Consumer Jungle Why Credit is Important FICO or credit score: Credit Card Issuers & Lenders –Determine APR Auto Insurers – Determine Premium Employers – Are you a worthy hire? Landlords –Are you a reliable tenant?

© 2006 Consumer Jungle Credit / FICO Score Fair Isaac Company Range between 300 & 850 U.S. Median: 723 < 620 = sub prime > 760 = best rates

© 2006 Consumer Jungle The Cost of Borrowing Your Credit score: Your interest rate: Your monthly payment: %$1, %$1, %$1, %$1, %$1, %$1,543

© 2006 Consumer Jungle

35% Payment History Late payments have the greatest negative impact. Recency & frequency are important too.

© 2006 Consumer Jungle 30% Outstanding Balances Total balance vs. total available credit. Are you overextended?

© 2006 Consumer Jungle 15% Length of Credit History Number of years youve used credit. How long since youve used certain accounts.

© 2006 Consumer Jungle 10% New Credit Number of new accounts. Multiple requests reduce your score.

© 2006 Consumer Jungle 10% Types of Credit Mix of: –Revolving Credit Credit cards –Installment Credit Car loan Home loan

© 2006 Consumer Jungle How to Improve Your Score Pay all bills on time. Pay any delinquent bills. Lower your total credit card debt.

© 2006 Consumer Jungle How to Improve Your Score Dont close unused credit cards. Dont open up new credit cards to increase available credit.

© 2006 Consumer Jungle How to Get Your Score Three Credit Scores –1) TransUnion –2) Experian –3) Equifax $15.95 each $47.85 (all three & includes report) orwww.myfico.com

© 2006 Consumer Jungle How to Get Your Credit Report Free Report each year by each credit bureau: –TransUnion –Experian –Equifax Order once from all three companies (or) Order every 4 months from a different company

© 2006 Consumer Jungle Duration of Info on Report Trade: Sears, Macys –7 years from last activity Judgments or liens –7 years from filing. Chapter 7 Bankruptcy –10 years Medical: case by case