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4 • How do they determine
my Credit Report and Score?

Your Credit Score is calculated by a formula converting raw reported information from your credit report into a rating number. This number assists creditors in determining your credit risk relative to other borrowers.

When you get your Credit Score, you will generally see a number between 300 and 900 – this is your comparative score. At present a consumer above700 is considered Good to Excellent. You will also receive an interpretation of your score, which can be more useful to you than the number itself. It will explain why your score is at its current level.

The following points show the assessment of Credit Score:

FICO chart series

There are five major assessments of your financial management abilities that collectively define your credit report and rating. The following pages will show you what they are. Notice that the Payment History and Total Credit Used make up 65% of your Credit Score.

Payment History – indicates your proven ability to meet commitments!

Total Credit Used – Stay under 30 percent of your available credit for the highest credit score

Length of Credit History – Age of records in good standing can be beneficial while content (bankruptcies, collections, judgments or NSF cheques) can be heavily damaging

New Credit – Shopping for a loan costs your credit rating with each application you make

Other Factors – Information collected on your financial habits is profiled as risk assessment

Credit Booster Club teaches a personal strategy to effectively manage your financial affairs that will maximize your records in all five assessments.

You get credit education and guidance with Programs to Fix Your Credit!