Credit Scores & Reports

• Credit Score: A credit score  is a number between 300-850 , which represent your worthiness or how much the bank/lenders  trusts you based on your previous experiences. It is also based on your credit report.

  • The higher your credit score is, the more you are trusted which can benefit you! The lower it is, the less you are trusted, which can impact you negatively when you borrow money.

•  There are 5 categories that can impact your credit score.

  • 35% Payment History

  • 30% Amounts Owed 

  • 15% Length of Credit History

  • 10% Credit Mix 

  • 10% New Credit

• Credit Report: a detailed record on financial history, where every item affects your credit score

  • Make sure you have a good credit as employers have permission to look at your credit report! 

• Here are 4 categories that a credit report is made up of:

  • Identifying Information

  • Credit Accounts

  • Credit Inquiries

  • Public Records

Watch this video for visuals and more information!