What Makes up my Credit Score?

You know how important your credit score is to your financial health, but do you know how your credit score gets calculated? Knowing what gets calculated - and how - will help you understand how to keep your credit score healthy. Our infographic below outlines some of the key points to get you started.

Understand the Credit Score Elements 

 

Fico Score Elements

  • Payment History = 35%
  • Amount Owed = 30%
  • Length of Credit History = 15%
  • Credit Mix Currently in Use = 10%
  • New credit = 10%

3 Major Credit Bureaus

There are three major credit bureaus that each calculate their own score using FICO software, and the credit score ranges differ. If you have a First Federal Bank Credit Card, you can view your FICO Score for free at MyCardStatement.com

What Damages Your Credit Score?

There are activities that you may be engaging in that can damage your credit score. Learn what they are and how to avoid them. 

Negative Credit Score Items

How long do negative items impact your credit score? Penalties can range from 2-10 years. 

Free Annual Report

All Americans are entitled to one free credit report in every 12-month period from each of the three credit bureaus. 

Interested in learning more? Contact us at First Federal Bank. We are always happy to help make your financial journey as successful as possible. 

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