Your credit score: How it is calculated.
695 Credit Score.
695 national average score as of August 2015.
Source is myfico.com.
15 percent, length of credit history. 10 percent, types of credit in use. 10 percent, new credit. 35 percent, payment history. 30 percent, amounts owed.
What makes up your credit score
A credit score is typically a three-digit number based on information in your credit report that measures your risk level to lenders. It is usually calculated using these five categories. And it can always change. That is good if your score is on the lower side. You can take steps to improve it. The opposite is true if your score is on the higher side. A few slip ups could knock it down a notch. Scores can vary depending on the information available, so they could vary from credit bureau to credit bureau.
Your credit score:
How it’s calculated
POOR
EXCELLENT
10%
10%
Types of credit
in use
15%
New credit
695
35%
Payment history
Credit Score
695 national average score
as of August, 2015*
Length of
credit history
30%
Amounts owed
What makes up your credit score
A credit score is typically a three-digit number based on information in your
credit report that measures your risk level to lenders. It’s usually calculated
using these five categories. And it can always change. That’s good if your score
is on the lower side—you can take steps to improve it. The opposite is true if
your score is on the higher side—a few slip ups could knock it down a notch.
Scores can vary depending on the information available, so they could vary
from credit bureau to credit bureau.
*Source: myfico.com
*Source: myfico.com
https://www.bettermoneyhabits.com/credit/what-is-a-credit-score/how-credit-score-is-calculated.html
Stay up-to-date with your credit score:
Page 1 of 2
using these five categories. And it can always change. That’s good if your score
Stay up to date with your credit score.
You can get a free copy of your credit report once each year from AnnualCreditReport.com.
The results provided in this infographic are intended for illustrative purposes only. The terms and conditions for different credit cards will differ and may affect the total interest paid. For specific payoff balance information for your own credit card account, please call their number on the back of your card or refer to the back of your credit card statement for terms and conditions.
The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and or its partners assume no liability for any loss or damage resulting from ones reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.
For more information, visit BetterMoneyHabits.com
is on the lower side—you can take steps to improve it. The opposite is true if
Yourit credit
score:
your score is on the higher side—a few slip ups could knock
down a notch.
How it’s calculated
Scores can vary depending on the information available, so they could vary
from credit bureau to credit bureau.
*Source: myfico.com
Stay up-to-date with your credit score:
You can get a free copy of your credit report once each year
from AnnualCreditReport.com
The results provided in this infographic are intended for illustrative purposes only. The terms and conditions for different credit
cards will differ and may affect the total interest paid. For specific payoff balance information for your own credit card account,
please call their number on the back of your card or refer to the back of your credit card statement for terms and conditions.
The material provided on this website is for informational use only and is not intended for financial or investment advice.
Bank of America and/or its partners assume no liability for any loss or damage resulting from one’s reliance on the material
provided. Please also note that such material is not updated regularly and that some of the information may not therefore be
BetterMoneyHabits.com
current. Consult with your own financial professional when making decisions regarding your financial or investment management.
For more information, visit
BetterMoneyHabits.com
https://www.bettermoneyhabits.com/credit/what-is-a-credit-score/how-credit-score-is-calculated.html
Page 2 of 2