Fico score is a credit score that lenders use to determine whether or not you will pay your debts. Each of the three major credit bureaus will assing you a Fico score number based on your credit history such as:
- Late payments
- The amount of time credit has been established
- The amount of credit used versus the amount of credit available
- The length of time at your present residence
- Employment history
- Negative information: bankruptcies, charge-offs, collections, judgements.
How do I increase my credit score?
- Pay your bills on time. Recent lates have a big impact on your credit score.
- Do not apply for credit frequently. A large number of inquiries on your report can worsen your score.
- Reduce your credit card balances.
