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Credit can apply to things like credit cards, a monthly childcare payment, a mortgage--anything in which you receive services or goods prior to paying for it.  \nIf you want or need something now, but don’t have the funds to cover it now, you need credit. Credit isn’t inherently good or bad, but it does matter how you use it. It’s a good idea to master your credit building skills.  \nThis guide was written to help you learn this skill and to help you build a solid financial base on which to grow. The tool most used to determine your current financial health is called a credit score.  \nYour credit score is a number which indicates your financial stability and trustworthiness. It is calculated by evaluating your credit history which is based on five factors: payment history, credit utilization, length of credit history, new credit, and credit inquiries.  \nYour credit score is also referred to as a FICO score. FICO stands for Fair Isaac Corporation which created the model that three companies use to calculate your score. These three companies are: Equifax, Experian, and TransUnion. Each of them analyzes your credit a bit differently, so the average of the three is typically used to define your FICO score.  \nThe five factors mentioned earlier are weighted with a percentage of your score. The final number comes together to form a score between 300 – 850.  \ncredit improvement | five ccomponents of your fico score  \nTHE FIVE COMPONENTS OF YOUR FICO SCORE  \n1. PAYMENT HISTORY 3. CREDIT HISTORY  \n2. CREDIT UTILIZATION  \n5. INQUIRIES  \n1  \nPayment History is by far the most important part of the credit score. It makes up 35% of your total score. Your past credit behavior is evaluated asan example of how your longterm behavior will continue. Credit card bills, student loans, mortgages, and other debts you have accrued are all considered in your payment history. Making sure you pay on time is the key factor in having a good credit score.  \n2  \nCredit Utilization comprises 30% of your credit score. Keeping credit usage well below your monthly limit show companies that you are responsible with credit. Just keep in mind that not borrowing any credit is bad for your score, too. The magic number is 30% . If you’re granted a $1,000 credit card limit, try to spend around $300. No more, no less.  \n4  \nNew Credit makes up 10% of your score. On average, a person should have between four and six open lines of credit. However, don’t obtain new credit cards all at once. Apply for new credit as needed so that red flags are not thrown up from lots of applications.  \n3  \nLength of Credit History is a portion of credit that you cannot control. It simply takes time. It makes up 15% of your total score. Open an account if you do not have one to get started on your credit history.  \n5  \nCredit Mix is the final component of your FICO credit score. While this is a vague category, it is meant to represent all the different types of debt you have accrued. A mixture of revolving credit and installment loans shows that you can responsibly handle different types of credit.  \ncredit improvement | what damages your credit score?  \nWHAT DAMAGES YOUR CREDIT?  \nUsing credit wisely will grant you a future of financial stability. Not managing credit, though, can be catastrophic to your financial well-being. The best thing to do with credit is to understand how to use it correctly and not abuse the power of using credit instead of cash or a checking acco","cbCaioNMXGRU2g23","https://ap.wps.com/l/cbCaioNMXGRU2g23","pdf",6916224,"English","# What Is Credit?\n## The Five Components To Your Credit Score\n## What Damages Your Credit\n## What Improves Your Credit\n# Credit Tracker\n## Improvement Or Establishing Credit\n## Getting Out Of Debt\n## Debt Tracker\n## Budgeting\n## What You Can Do With Good Credit","[{\"question\":\"What is credit and why does it matter?\",\"answer\":\"Credit is money, goods, or services provided with the expectation of future repayment. It matters because your credit usage directly influences your financial stability as reflected in your credit score.\"},{\"question\":\"How is a FICO credit score calculated?\",\"answer\":\"A FICO score is calculated by evaluating your credit history using five factors: payment history, credit utilization, length of credit history, new credit, and credit inquiries. The score typically ranges from 300 to 850.\"},{\"question\":\"What actions improve your credit score most?\",\"answer\":\"Pay bills on time, keep credit card accounts open, maintain several lines of credit responsibly, and use a credit card while avoiding late payments. Staying near or under the recommended 30% credit utilization supports better results.\"}]","Credit Improvement Guide - Credit Building & Score Optimization | PDF",6]