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Credit Score – The Basics

February 4, 2010
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I am sure all of us has seen the commercial from FreeCreditReport.com. I am sure we have laughed at this poor guy with a friends driving down the road. Because of a bad credit score stuck with broken down sub compact. Then two beautiful ladies in a convertible drive beside him and laughing.

The truth is a low credit score can cost you a lot of money. Even keeping track of you credit score can cost you money.

Federal law requires the three major credit reporting agencies, Equifax, TransUnion, and Experian, to provide consumers with one free copy of their credit report once every 12 months from a centralized source.

If you want any more reports on your credit you can request it form Equifax, TransUnion, and Experian. It will cost you from $9 to $40 to get a more credit reports. It starts at $9 from one of the reporting companies to $40 for reports from all three through Equifax.

There are five factors that make up a credit score or FICO score.

  1. Payment History is 35% of the total score
  2. Amount Owed is 30% of the total score
  3. Length of Credit History is 15%
  4. New Credit is 10%
  5. Type of of Credit  is the final 10% of your total credit score

To help further explain the basics around your credit score I have included the following video.

Want to save more money? Get my little book, Shopping with The Shopping Nazi. A little book that will help you save big money. Just click here to get your copy today.

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4 Responses to Credit Score – The Basics

  1. Bad Credit Loans on February 11, 2010 at 9:57 pm

    I truly enjoy following your blog as the posts are so easy to interpret and follow. Outstanding. Keep up the great work. Ciao.

  2. Gudrun Washmuth on February 17, 2010 at 9:23 am

    Hello – just a quick note to say thanks for this article. Very well-written.

  3. Robert on February 17, 2010 at 11:40 am

    I’ve been searching for a long time for this! Thank God I found it on Google.

    Thank you!

    Hydrolyze

  4. Patrice Steinmetz on February 18, 2010 at 5:10 pm

    Thanks 4 The Great Article!! I’ve heard Free Annual Credit Report is a excellent place to aquire my free credit report

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