1.    Range of Scores
  730 – 830 = A+ or Platinum
  680 – 729 = A
  640 – 679 = B
  600 – 639 = C
  550 – 599 = D
  549 & Below = E

2.    What makes Up Your Credit Score?
        35% = based on payment history (i.e. on-time pays or delinquencies)
                    - More weight on current pay history
        30% = Capacity (capacity is King)
        15% = Length of credit
        10% = Accumulation of debt in the last 12-18 months
                    -    # of inquiries
                    -    Opening dates
        10% = Mix of Credit
     
                    - Installment (can raise) vs. revolving (can lower) 
             
                    - Finance company loans can lower your score.

3.    What Actions Will Hurt Your Score?
          
         Missing payments (Regardless of the $ amounts, it can take
           24 months to restore credit with one late payment)
         Credit cards at capacity (i.e. maxing out your credit cards)
         Shopping for credit excessively
         Opening up numerous trades in a short time frame
         Having more revolving debts in relation to installment debts
         Closing credit cards out (this could lower your available capacity)
         Borrowing from finance companies

4.    How Can You Improve Your Score?
         Pay off or pay down your credit cards
         Do not close credit cards because capacity may decrease
         Move your revolving debt into installment debt
         Continue to make payments on time (older late pays will be less
           significant with time)
         Slow down on opening new accounts
         Acquire a solid credit history with years of experience

For more information, call our credit experts today!