• Payment history: (35 percent) -- Your account payment information, including any delinquencies and public records.
• Amounts owed: (30 percent) -- How much you owe on your accounts. The amount of available credit used on revolving accounts is heavily weighted.
• Length of credit history: (15 percent) -- How long ago you opened accounts and time since account activity.
• Types of credit used: (10 percent) -- The mix of accounts you have, such as revolving and installment.
• New credit: (10 percent) -- Your pursuit of new credit, including credit inquiries and the number of recently opened accounts.
The bottom line: Your scores may vary, but they're all based on the information in your credit reports. Checking your reports regularly can help you see what's impacting your score so you know where you could improve. Financial scams can also wreck your Credit Score. Watch this video on the Biggest Financial Scams.
There are many online free budgeting tools. Be sure to check out ours by logging into Home Banking and clicking on the Budgeting Tools Tab.
Below is the 50/30/20 Rule in Budgeting. 50% of your income goes to fixed costs, 30% to flexible spending and 20% to financial goals (or wants). Jot down your items and see how close you are to 50/30/20.