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May 2020 Office of Financial Aid 1401 E Central DriveMeridian ID 83642 208.795.ICOM https://www.idahocom.org/admission-aid/financial-aid/ Credit Report Your credit report is comprised of information about your credit account history as a borrower. The most significant factors are paying bills on-time and how much debt you have (compared to your income). Student loans will appear on your credit report as “open/in good standing” until you enter repayment (once a monthly amount is due). Repairing Your Credit Create a budget and stick to it. Pay down outstanding debt. Balances have a negative impact; especially when exceeding 30% of the credit limit. Make your payments before their due dates. A score of 300 is considered poor, while 850 is excellent. A score of zero indicates no history and may not be as detrimental as a poor credit score. Review Your Credit Report Obtain your report annually at www.annualcreditreport.com Review account history for accuracy. The report will not contain a credit score. Build Your Credit • Student loans are included in your credit history. They are considered an installment loan. • Have a variety of credit (versus just having revolving credit). • Limit new credit/debt. • Practice good credit habits.* Credit Score A number that represents the risk a lender takes when you borrow money. Resources* https://www.nerdwallet.com/blog/ finance/how-to-build-credit/ Managing Your Credit

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Page 1: May 2020 Managing Your Credit · 2020. 8. 27. · Managing Your Credit. Components of a Credit Score HOW Much Paying Your Bills Money Owe on Time Of Credit Other Factors History Types

May 2020

Office of Financial Aid1401 E Central DriveMeridian ID 83642

208.795.ICOMhttps://www.idahocom.org/admission-aid/financial-aid/

Credit Report Your credit report is comprised of information about your credit account history as a borrower. The most significant factors are paying bills on-time and how much debt you have (compared to your income). Student loans will appear on your credit report as “open/in good standing” until you enter repayment (once a monthly amount is due).

Repairing Your Credit Create a budget and stick to it. Pay down outstanding debt. Balances have a negative impact; especially when exceeding 30% of the credit limit. Make your payments before their due dates. A score of 300 is considered poor, while 850 is excellent. A score of zero indicates no history and may not be as detrimental as a poor credit score.

Review Your Credit ReportObtain your report annually at www.annualcreditreport.com Review account history for accuracy. The report will not contain a credit score.

Build Your Credit• Student loans are included in your

credit history. They are considered an installment loan.

• Have a variety of credit (versus just having revolving credit).

• Limit new credit/debt.

• Practice good credit habits.*

Credit ScoreA number that represents the risk a lender takes when you borrow money.

Resources*https://www.nerdwallet.com/blog/finance/how-to-build-credit/

Managing Your Credit

http://www.annualcreditreport.com
https://www.nerdwallet.com/blog/finance/how-to-build-credit/
https://www.nerdwallet.com/blog/finance/how-to-build-credit/
http://www.annualcreditreport.com
https://www.nerdwallet.com/blog/finance/how-to-build-credit/
https://www.nerdwallet.com/blog/finance/how-to-build-credit/
https://www.idahocom.org/admission-aid/financial-aid/

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