| Credit score info, what does it mean? Sooner or later, | | | | payments, missed payments, or collections. Amounts |
| just about every consumer asks that question. A | | | | owed considers your total indebtedness as well as the |
| credit score is the key to credit opportunities and the | | | | amount owed on certain types of accounts and how |
| higher your score, the more exalted the doors you will | | | | many accounts you have. Length of credit history |
| be able to open and the greater will be the benefits | | | | looks at how long you have had credit established, |
| you will receive. | | | | how long it has been since you used existing credit |
| According to Fair Isaac Corporation ("FIC"), the creator | | | | accounts and related data. New credit explores how |
| of FICO scores, which are used by the three credit | | | | many counts you have, whether there has been a lot |
| reporting agencies and most creditors, your credit | | | | of new accounts recently, credit inquiries, and the like. |
| score says five key things about you. Writing in its | | | | Finally, types of credit in use analyzes whether your |
| publication, "Understanding Your FICO Score," FIC | | | | credit represents a "healthy mix" the types of credit |
| states "These key factors are the top reasons why | | | | you have and how many accounts you have of each |
| your FICO score was not higher ... these factors can | | | | type. The factors considers other data not addressed |
| help the lender tell you why your score wasn't higher." | | | | here but you have a general idea of what the factors |
| The factors are: payment history, amounts owed, | | | | say about you and your creditworthiness. |
| length of credit history, new credit, and types of credit | | | | Credit score info - what does it mean? It means |
| in use. Payment history means how well do you pay | | | | whether or not you are an acceptable credit risk. |
| your bills: do you pay them on time, are there late | | | | |