Montana State University

MSU Extension Family Economics

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Demystifying Credit Scores

One of the few positive outcomes of the 2008 financial crisis was that it helped shine a light on the importance of understanding and staying on top of your credit profile. Along with that heightened visibility, however, has come a great deal of confusion and misunderstanding – particularly around the all-important credit score.

 

Five factors are used to determine your credit score: payment history (usually around 35 percent of your score), amount owed (30 percent), length of credit history (15 percent), newly opened credit accounts (10 percent), and types of credit used (10 percent).


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Updated: April 18, 2014


The goal of the MSU Extension Family Economics program is to help Montana individuals and families from all walks of life make effective financial decisions that will enhance their lives.

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If you have ideas for family economics resources that would be useful to Montanans e-mail Marsha Goetting, MSU Extension Family Economics specialist goetting@montana.edu.