What affects my Credit Score?
- Bill payment history (Good: on time and for the full amount)
- Total outstanding debt (Good: non-mortgage loan payments less
than 5% of gross income)
- Types of debt (Good: mortgage, car loans, Bad: high credit card
debt)
- Length of credit history (Good: 3 or more years of on time payments)
- Credit inquiries (Bad: many
rejected applications)
How are credit scores calculated?
Your credit report scores are based on factors that appear
in your credit reports:
The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining
your credit report score:
- Personal details such as
sex, marital status, age, race, national origin, or because you receive public assistance
income
- Sources of income such as
regular alimony, child support, or separate maintenance payments
The Equal Credit Opportunity Act provides actions for you
to take if you suspect
unauthorized factors are being used to deny you credit.