Question 1

What is a good credit score?

Accepted Answer

A good FICO credit score is 670-739. 740-799 is very good, and 800+ is excellent. Below 580 is considered poor. Higher scores qualify for better loan rates and terms.

Question 2

How long does a late payment affect my credit?

Accepted Answer

A late payment can stay on your credit report for 7 years, but its impact diminishes over time. The biggest drop occurs in the first 1-2 years. Making on-time payments afterward helps rebuild your score.

Question 3

What are the 5 FICO score factors?

Accepted Answer

Payment history (35%), amounts owed/utilization (30%), length of credit history (15%), new credit inquiries (10%), and credit mix (10%). Payment history is the single most important factor.

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