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Credit Explained

Credit Explained

Whether you’re applying for a credit card, mortgage, car loan, or rental application, odds are your FICO credit score is going to be taken into account. Banks and landlords will take one look at your score and determine how likely they think you are to pay them, so don’t you think you should figure out how to put the best foot forward?

Credit seems complicated, but when you break it down your score can bottom out at 300 and top off 850 based on five factors

  • Payment History (35%)

  • Credit Utilization (30%)

  • Length of accounts (15%)

  • Credit Mix and Types (10%)

  • Recent Hard Inquiries (10%)