How is my credit score calculated?
An example of an AI chatbot conversation about credit score calculation.
How is my credit score calculated?
Your credit score is calculated based on several factors, including your payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries.
What percentage does each factor contribute to my score?
Here's the breakdown: Payment history (35%), credit utilization (30%), length of credit history (15%), types of credit (10%), and new credit inquiries (10%).
How can I improve my credit score?
To improve your credit score, pay your bills on time, reduce your credit card balances, avoid opening too many new accounts at once, and check your credit report for errors.
How long does it take to see improvements?
Improvements can be seen within a few months, but it may take longer depending on your specific situation and the actions you take.
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