Read on to understand calculus and learn how to improve it.
The Mad Capitalist.
To increase your credit score, you need to understand how it will be calculated: By understanding the subject, you will know the first steps to improve your finances.
Your credit score works like a buyer and payer history: it summarizes your credit activity over your lifetime.
So, before a lender grants you a loan, they check your score to see if you are a good payer. Credit cards tend to act the same way.
Credit score ratings (FICO model):
300 – 579: Poor credit score. 580 – 669: Fair credit score. 670 – 739: Good credit score. 740 – 799: Very good credit score. 800 – 840: Excellent credit score.
Your credit score is typically calculated using these parameters: payment history, length of credit history, types of accounts you have, the amount owed, and recent credit activity.
See how to improve your credit score according to these parameters in the content we made to help you!