Your Credit Score Explained - Aurora Consulting, Credit Solutions

Low credit score- we can help repair your credit.

Your Credit Score Explained

No one knows the exact criteria for how FICO formulates credit scores, however here are some general criteria that will help you understand improve your score:

Number of credit cards:

2-4 is best

How long ago you got your first loan:

The longer the better

The number of loans or credit cards you applied for in the last year:

The fewer the better

How recently you opened a new loan or credit card:

The longer the better

Number of your loans and/or credit cards that currently have a balance:

The fewer the better

Total balances on all other loans and credit cards combined:

You need a reasonable but moderately small balance

The amount of time since you last missed a loan or credit card payment:

The longer the better

The most delinquent you have ever been on a loan or credit card payment:

The less the better

Number of loans and/or credit cards are currently past due:

The fewer the better, 0 is absolutely the best

Your credit card balances compared to your total credit card limits:

The smaller the better

Negative financial events in the last 10 years such as: bankruptcy, tax liens, foreclosure, repossession, or accounts referred to collection agency:

Any or all of these events would be very negative.

FICO CREDIT SCORES RANGE FROM 350-850 AND ARE RATED AS FOLLOWS:

Excellent
FICO 750 - 850

Good
FICO 660 - 749

Fair
FICO 620 - 659

Poor
FICO 350 - 619

Aurora Consulting, Credit Solutions

1-800-768-0504