What Makes Up the FICO Score?

Below is a pie chart that answers a very common question I receive.

 What Makes Up the FICO Score?

I know the FICO scoring model no longer allows the use of authorized user accounts to boost credit scores. However, there are lots of credit boosting companies out there that promise rapid score improvement at low or minimal cost. I don’t agree with a lot of what they preach so I won’t link to them here. I take a very different approach. For a short term fix I suggest you study the chart carefully and determine methods of improving your score or, at least be headed in the right direction. If you have questions, I can help you with them, but I certainly don’t think a credit boosting company has all the answers either!

The true and tried method to improving your credit score over the long term is very simple. The first is to be vigilant for any potential errors on your report. I recommend using a free service such as annualcreditreport.com to review your report and score annually. You are legally entitled to a free report every twelve months. The second method is to pay all bills on time. I know this can be difficult sometimes but you need to make this a priority otherwise regardless of your income, your score will suffer.

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