Easily Raise Your Credit Score
3:53 AM
Credit scores are a ambiguity to many people. The majority of us really have no hint of just what is measured and what goes into a credit score. While it is easy to figure out that in order to have a high score it is central to pay your bills on time there are also other factors that are very important.
A credit score is a numerical rating that takes into consideration certain statistics and compiles that information into a number that represents a consumer's creditworthiness. The higher the score the better credit risk the consumer is deemed to be. Scores above 700 are thought to be excellent while scores below 600 are deficient.
Credit scores are based upon a range of factors and these factors can adjust frequently. You may have a low credit score yet have never been late on a payment. Other factors can have an effect on your score and bring it down. Different types of credit are looked upon more confidently than others and if you have too many credit inquiries on your account that will also affect you negatively.
Here are the factors that will affect your credit score. 35% is based upon your punctual payment history. Only payments past 30 days late are counted as negative. 30% is your debt to credit ratio or the total of liability you have accrued compared to the amount of credit you have accessible. 15% is the extent of your credit history. Of course, the longer your history the more good it is. 10% is the type of credit used. Consumer finance debt is considered to be unhelpful while credit card debt, car loans, and mortgages are more of a positive. 10% is how many recent inquiries are on your report. Having too many inquiries is considered negative.
If you want to improve your credit score, it is helpful to be attentive of these issues and use them to your benefit. Make sure that your payments are all made on time and do not charge or use more than 35% or your obtainable credit. Stay away from consumer finance companies and department store credit cards and do not let anybody inquire into your credit report unless you absolutely must.
By being attentive of and taking action on these items you can begin to boost your credit scores. If you have negative or incorrect marks on your report you have the right to question them. You can repair your credit yourself or you can engage a professional to help you out.
Get knowledgeable and educated about your rights and what is on your report. You don't have to bear low credit scores when you know how to repair your credit.
A credit score is a numerical rating that takes into consideration certain statistics and compiles that information into a number that represents a consumer's creditworthiness. The higher the score the better credit risk the consumer is deemed to be. Scores above 700 are thought to be excellent while scores below 600 are deficient.
Credit scores are based upon a range of factors and these factors can adjust frequently. You may have a low credit score yet have never been late on a payment. Other factors can have an effect on your score and bring it down. Different types of credit are looked upon more confidently than others and if you have too many credit inquiries on your account that will also affect you negatively.
Here are the factors that will affect your credit score. 35% is based upon your punctual payment history. Only payments past 30 days late are counted as negative. 30% is your debt to credit ratio or the total of liability you have accrued compared to the amount of credit you have accessible. 15% is the extent of your credit history. Of course, the longer your history the more good it is. 10% is the type of credit used. Consumer finance debt is considered to be unhelpful while credit card debt, car loans, and mortgages are more of a positive. 10% is how many recent inquiries are on your report. Having too many inquiries is considered negative.
If you want to improve your credit score, it is helpful to be attentive of these issues and use them to your benefit. Make sure that your payments are all made on time and do not charge or use more than 35% or your obtainable credit. Stay away from consumer finance companies and department store credit cards and do not let anybody inquire into your credit report unless you absolutely must.
By being attentive of and taking action on these items you can begin to boost your credit scores. If you have negative or incorrect marks on your report you have the right to question them. You can repair your credit yourself or you can engage a professional to help you out.
Get knowledgeable and educated about your rights and what is on your report. You don't have to bear low credit scores when you know how to repair your credit.
About the Author:
See how I brought my credit score up considerably and became an expert in credit repair.
You can leave a response, or trackback from your own site.