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CREDIT EDUCATION
Credit can be intimidating.
Why does it exist? How much of it do I need? What’s even on there?
We get it, many of us haven't been taught Credit and it can seem like a new language to some.
Thankfully, The Financial Ladder Up now has your back! We’ll teach you everything you need to know about credit.
Contact Us To Schedule A Credit Consultation Today!
Contact Us To Schedule A Credit Consultation Today!
What exactly is credit?
Your credit is comprised of two main parts:
Your Credit Score
Your Credit Report
Together these make up your credit profile, and we will break them down further below.
What exactly is credit?
Your credit is comprised of two main parts:
Your Credit Score
Your Credit Report
Together these make up your credit profile, and we will break them down further below.
Credit Score
Credit Score
What Is A Credit Score?
Your primary credit score, also known as myFICO®, is a 3-digit number between 300 – 850 and is a reflection of your five credit factors. We like to think of it as your financial reputation, and lenders use it to determine what kind of loans or credit cards you qualify for. Credit scores are generated from the information on your credit report. There are five main credit factors combined to form your score. Lenders and banks use this number to gauge how likely you are to repay them over a specific period of time.
What Is A Credit Score?
Your primary credit score, also known as myFICO®, is a 3-digit number between 300 – 850 and is a reflection of your five credit factors. We like to think of it as your financial reputation, and lenders use it to determine what kind of loans or credit cards you qualify for. Credit scores are generated from the information on your credit report. There are five main credit factors combined to form your score. Lenders and banks use this number to gauge how likely you are to repay them over a specific period of time.
What’s Considered A Good Credit Score?
Although ranges can vary depending on the model used to determine a credit score, it is generally accepted that a score of 670 to 739 is considered good. This is the range needed to begin borrowing at a decent rate. The higher your score reaches, the more lenders will trust you, and not only will you be able to obtain bigger lines of credit, but you will also receive better interest rates as well!
What’s Considered A Good Credit Score?
Although ranges can vary depending on the model used to determine a credit score, it is generally accepted that a score of 670 to 739 is considered good. This is the range needed to begin borrowing at a decent rate. The higher your score reaches, the more lenders will trust you, and not only will you be able to obtain bigger lines of credit, but you will also receive better interest rates as well!
Credit Report
Credit Report
What's On My Credit Report?
Your credit report contains things like your name and address, your loan information, credit limits, account names, credit history, credit inquiries, public records, collections, late payment information, and of course, your credit score. It is a comprehensive file of your entire financial history.
Creditors like banks, credit card companies, cell phone providers, and even hospitals, report your payments to the credit bureaus. These bureaus (Experian, Equifax, and TransUnion) keep a record of everything reported to them both positive and negative.
What's On My Credit Report?
Your credit report contains things like your name and address, your loan information, credit limits, account names, credit history, credit inquiries, public records, collections, late payment information, and of course, your credit score. It is a comprehensive file of your entire financial history.
Creditors like banks, credit card companies, cell phone providers, and even hospitals, report your payments to the credit bureaus. These bureaus (Experian, Equifax, and TransUnion) keep a record of everything reported to them both positive and negative.
How Does My Credit Report Affect My Credit Score?
Every item on your credit report is factored into your credit score. There are 5 key factors that make up the majority of your profile. They are Payment History, Total Utilization, Average Account Age, Account Diversity, and New Inquiries. That’s why with credit repair, we focus on making sure your reports are fair, accurate, and substantiated, by challenging creditors and the bureaus to verify any questionable negative items.
How Does My Credit Report Affect My Credit Score?
Every item on your credit report is factored into your credit score. There are 5 key factors that make up the majority of your profile. They are Payment History, Total Utilization, Average Account Age, Account Diversity, and New Inquiries. That’s why with credit repair, we focus on making sure your reports are fair, accurate, and substantiated, by challenging creditors and the bureaus to verify any questionable negative items.
Improve Credit
Improve Credit
How Can I Improve My Credit Score?
Work to get questionable, negative payment history removed from your credit report (that’s what we do!)
Pay down your debt to reduce your total utilization ratio.
The longer you’ve had credit the older your average account age will become.
Diversify your credit profile to include a mix of revolving, installment, and other types of accounts.
How Can I Improve My Credit Score?
Work to get questionable, negative payment history removed from your credit report (that’s what we do!)
Pay down your debt to reduce your total utilization ratio.
The longer you’ve had credit the older your average account age will become.
Diversify your credit profile to include a mix of revolving, installment, and other types of accounts.
Ready To Work With Us?
Book a credit consultation to see how we can help you achieve your goals!