Determining Your FICO Score-Credit scores are calculated using the credit bureaus TransUnion, Experian, and Equifax along with these Five categories, including:
Payment History—Payment history is often used to gauge the likelihood a borrower defaulting on their loan.
Length of Credit History—A long and significant credit history also helps to improve your FICO score.
New Credit—The amount of newly opened credit and the type of account opened is another factor your FICO score.
Type of Credit in Use—Consider the different types of accounts you have.
Ideas to Raise Your FICO Score
The good news is that no matter where your FICO score is right now, it can change! Here are our top insider tips to get a raise your credit score:
Keep Credit Balances Low-Using too much of your open credit can lower your FICO score. Attempt to keep your balances below 20-30%& pay your credit card bills on time!
Keep Credit Revolving-Though it seems like the right thing to do, you don’t want to close your unused account. A simple way to keep it active is to make purchases, like gas or coffee.
Review Credit Score Thoroughly-Review the factors of your FICO report completely. Make sure all the information is correct and notify the credit bureau if you found any errors.