Credit Reports 101

Credit Reports SmallBy Jason Kaufman, District Manager – Milwaukee, Marine Credit Union

Confused by your credit report? Review the five areas below that affect your credit report/score and the tips to bring your score up.

Component that Affects Your Credit Score Percentage of Your Score

How to Improve It

Payment history

35%

This includes payment information, adverse public records, the severity of your delinquency, the number of past due items and the payment amount agreed upon. Bottom line? Pay your bills on time.

Credit available on revolving debt

30%

Check your credit balances and the percentage of credit used on each type. Keep the ratio low.

Length of credit history

15%

The longer you have been building credit and the less you use your credit, the better. Start now if you haven’t already.

New credit

10%

Monitor your credit report for recent account opening and credit inquiries. The longer time period since your last new account or inquiry, the better.

Types of credit used

10%

Watch out for how many credit accounts you have open.

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