How Your Credit Score Is Calculated | How I Increased My Score 200 Points!

How scores are calculated.
https://www.myfico.com/credit-education/whats-in-your-credit-score

FICO savings calculator.
https://www.myfico.com/credit-education/calculators/loan-savings-calculator/

https://www.creditkarma.com/

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Credit scores are like report cards now that you are out of school. If you ever intend to get a loan you will need to have a good credit score.

FICO scores are the most common scoring system.

The system was created to help lenders know how trustworthy you are in paying back your loans.

Your score determines how much you can borrow, the rate at which you can borrow money, and the terms of the loan.

The higher the score the better!

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00:00 - Intro
01:09 - What is a credit score?
01:56 - MyFICO.com How scores are calculated.
02:46 - Payment History.
03:46 - Amount owed.
05:33 - Length of Credit History.
05:58 - Credit Mix.
06:45 - New Credit.
07:46 - My Credit Score & Credit Karma.
08:29 - Loan Savings Calculator.
10:26 - First step to build or rebuild your credit.

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F$R Mission Statement:
To help individuals and families develop empowering beliefs and emotions about money and teach them the necessary skills to become self-reliant, build wealth, and live a life of abundance.

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Disclaimer.
The videos on this channel are for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. As such, it should
not take the place of consulting with a certified financial planner, CPA (or other tax professional), legal, or other financial advisor. While we try to provide accurate and timely information, it may not be suitable for your specific personal scenario or specific circumstances. I am a financial professional but without knowing your specific information you should consider what you learn here as general advice. If you want specific advice and coaching please contact us at hello@financialselfreliance.net. I am not a tax, legal or investment advisor representative.

Our coaching is based on the data and research found in the books The Millionaire Next Door, The Next Millionaire Next Door, and The Millionaire Mind by Thomas J. Stanley and Sarah Fallaw. It is also based on 20 years of my personal experience working with money.

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