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See Business Insider's picks for the best credit repair companies >>What is an excellent credit score? Here's how VantageScore and FICO scores are determined:FICO VantageScore Payment history (35%) Credit balance (30%) Length of credit history (15%) New credit (10%) Mix of credit accounts (10%) Payment history (40%) Length & type of credit (21%) Percent of credit used (20%) Total debt/balances (11%) Recent credit behavior and inquiries (5%) Available credit (3%)With this foundation laid out, let's look at ways to improve your credit score to achieve excellent credit. Pay your bills on time — every timeAs payment history is the most important factor used to determine your credit score, having a negative mark like a delinquent payment can lower your credit score and ruin your chances of an excellent credit score for years. A survey of 100,000 LendingTree users with excellent credit scores found that the average consumer with an excellent credit score keeps a credit utilization ratio of 5.7% on a credit limit of $58,514 spread over 7.9 accounts. Excellent credit score frequently asked questionsWhat is the best credit score?

Persons: Insider's, Zer, Gen Organizations: Isaac Corp, Visa, Card, Chevron Locations: Chevron

☆ Citigroup CEO Jane Fraser sees 'cracks’ emerging among some consumers as savings dry up
▼ + stars: | 2023-09-29 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Lower-end consumers have shifted buying patterns to save money as their bank accounts dwindle in size, according to Citigroup CEO Jane Fraser. The third-largest U.S. bank by assets has been monitoring its credit card customers for signs of distress, Fraser told CNBC's Sara Eisen on Friday in an interview. When asked what other CEOs are telling her about the state of the economy, Fraser said that besides comments on AI and labor tightness, corporate leaders have told her that demand is softening, she said. "Particularly [for] the bottom end of the consumer, that's the one that we're starting to see cracks, you're seeing some shift in the buying patterns to lower categories in the spend," Fraser said. The scope of job cuts and expense savings triggered by the reorganization will be disclosed with fourth quarter earnings, Fraser said.

Persons: Jane Fraser, Fraser, CNBC's Sara Eisen Organizations: Citigroup, U.S, Fair Isaac Corp

☆ Unisys, Bed Bath & Beyond slide after removal from small-cap index
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, March 6 (Reuters) - Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index (.SPCY) in two weeks. Shares of Unysis (UIS.N) have fallen 80% over the past 12 months. As of Friday, the company's market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index. Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share. Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Your Credit Score Affects Your Mortgage Rate—Here’s How to Improve It
▼ + stars: | 2023-02-22 | by ( ) www.wsj.com time to read: +9 min

How does your credit score affect your mortgage rate? “There is no single, specific credit score that will automatically qualify you for a mortgage.”What else determines your mortgage rate? How to check your credit scoreTo get your credit score, check your banking or credit card dashboard if you have one. Many come with automatic credit score monitoring, allowing you to check your score at any time. Make on-time paymentsThe best way to improve your credit score is to avoid late payments—particularly on student loans, credit cards and other types of debts that get reported to credit bureaus.

An excellent credit score allows you to borrow money at lower interest rates and provides other benefits. The five credit score categories for FICO and VantageScore are as follows:Credit score category FICO VantageScore Poor/Very Poor 300-579 300-499 Fair/Poor 580-669 500-600 Good/Fair 670-739 601-660 Very good/Good 740-799 661-780 Exceptional/Excellent 800-850 781-850While a low credit score will hinder your borrowing efforts, having an excellent credit score comes with a wide range of benefits and possibilities. LendingTree found that people with excellent credit scores keep a credit utilization rate of 5.7% on an average credit limit of $58,514 spread over an average of 7.9 accounts. Keep credit inquiries to a minimumWhen we apply for credit — whether it's for a new credit card, a mortgage, or an auto loan — and a lender issues a credit check, it will appear on our credit report and may influence our credit score. Though you don't necessarily need an excellent credit score, it can certainly help you lead an easier financial life.

A good credit score to buy a car is often above 660, as you're then considered a "prime" borrower. While a good FICO credit score to buy a car with a loan is usually above 660, according to Experian data, there's no industry-wide, official minimum. According to Experian's analysis of auto loans in the second quarter of 2022, borrowers who received financing for a new car had an average credit score of 738, while borrowers who received financing for a used car had an average credit score of 675. What is a good credit score to buy a car? While FICO remains the most widely used credit score across all types of borrowing, an auto lender may also look at your credit score from VantageScore, a relatively new credit scoring system developed by the three credit bureaus.

The AI software told banks to deny millions of legitimate purchases, at a time when consumers had been scrambling for toilet paper and other essentials. Seasonal variations, data-quality changes or momentous events - such as the pandemic - all can lead to a string of bad AI predictions. Also to blame was its AI system learning from corrupted data, the company said. Arize AI, which raised $38 million from investors last month, enables monitoring for customers including Uber, Chick-fil-A and Procter & Gamble. Zoldi said consumer habits were changing too fast to rewrite the AI system.

Knowing where to find your credit score and understanding what it means are key to effectively managing your finances. There are also a number of websites, like Credit Karma, that offer free credit scores when you sign up for their services. Length of credit history (15%): A longer credit history is a positive, but not a requirement for a good score. Credit score vs. credit reportIf you look at a credit score as the grade lenders use to determine your creditworthiness, think of the credit report as all the "work" that goes into that grade. Keeping a close eye on your credit score and credit reports, whether you get them for free or pay for them, are key to staying on sound financial footing.

Understand how credit scores workIn general, your credit scores fall in a range between 300 and 850, which are determined by the information recorded in your credit reports. "Every time you apply for a new line of credit, your credit score will initially drop," Amaral says. Keep old credit accounts openBecause your FICO scores are partially based on how old your credit accounts are, if you close older accounts, your credit scores may drop. Monitor your credit scores and track your progressIt's important to track your credit scores as you take these steps to increase your credit. Keeping your credit cards paid off or maintaining low balances will help improve your credit utilization ratio, which should be less than 30% of your available credit.

☆ Best credit cards for excellent credit in 2023
▼ + stars: | 2021-08-05 | by ( Holly Johnson | ) edition.cnn.com time to read: +14 min

Just keep in mind that there are many types of credit scores, and free credit monitoring services may not show you a true FICO credit score, which is the credit score that’s most widely used by lenders. Click here to see the latest list of the best credit cards for people with excellent credit scores. Watch out for these credit pitfallsJust because you can get a lot of great credit cards with excellent credit doesn't mean you should. Maintaining excellent credit with a credit cardTo maintain your excellent credit in 2023, you’ll want to keep doing exactly what you’ve done so far to get your credit score to the level it is now. Learn more about the best credit cards you can get with an excellent credit score.

☆ Best credit cards for good credit in 2023
▼ + stars: | 2021-05-20 | by ( Holly Johnson | ) edition.cnn.com time to read: +13 min

Click here to see the latest list of the best credit cards for people with good credit scores. For example, many credit cards offer a free credit score, but you can also sign up for credit monitoring services that keep track of your credit score on your behalf. If you already have a lot of credit card debt, then a new credit card may be the last thing you need. Pitfalls to watch out forThe best credit cards for good credit can be useful, lucrative and worth pursuing. Learn more about the best credit cards you can get with a good credit score.

☆ What you need to know about your FICO score and how to build good credit
▼ + stars: | 2019-08-08 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com time to read: +9 min

Your FICO score may be slightly different at each bureau depending on what information they have about your credit history. Check your credit score through Experian TransUnion , and EquifaxGet the latest tips you need to manage your money — delivered to you biweekly. It's worth noting that while every credit bureau uses the FICO system, not every credit score is a FICO score — other scoring systems exist, such as VantageScore. paying off your credit card balance in full every month and not charging more than you can afford) can help to build your credit score, a high debt-to-credit ratio can hurt your FICO score. Length of credit historyIf you are a new borrower, don't expect to start with a perfect 850 credit score.

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