Intro to Credit Scores
The Five Components of Your Credit Score
OK, so how is my credit score determined anyway?
There are five components to your credit score. Each of these components (or factors) has a weighting which measures its impact on your overall score.
Which of the following can you control?
How long a late payment stays on your credit report
Your financial habits and choices
The credit bureau that keeps a record of your information
Which credit score to use when applying for a loan
Taken together, which of the following factors count for approximately 80% of your credit score?
Your place of employment, home value, and total assets
Your age, income, and zip code
Your payment history, your available credit, and your length of credit history
Your race, religion, and marital status
Which of the following will NOT lead to a hard pull of your credit?
Applying for a credit card with a great rewards program
Completing a job application that includes a credit check
Applying for a store card in order to get a discount on a purchase
Applying for a car lease instead of an auto loan