Hi {first_name},
As you go through your repair process it's important to understand not only What to do but WHY.
Understanding where the points are coming from and what they mean is a big piece of the credit confusion.
The lowest credit score you can have is 300, and at highest it can be is 850. The ratings are as follows.
Scores under 559 are considered Bad
Between 600 - 649 Poor
Between 650 - 699 Fair
Between 700 - 749 Good
750 and above are considered Excellent
The way they determine your score is a combination of factors. We’ll list them below along with the percentage each one is contributes to your score.
35% - Payment History - How well you pay your bills on time.
30% - Utilization - How much of your available credit you use.
15% - History - How long you’ve had credit accounts.
10% - Credit Mix - How many different types of credit you use.
10% - Applying for new credit and Inquiries - How many times you have recently applied for credit.
This is a fairly basic explanation of how a credit score works. In the coming emails we will go into much more detail and provide you with actionable tips and information that will help you with your credit health in the future.
See you next time!
Sincerely,
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