If you borrow money, you better know what your score is. Determine your score first before you apply. There may be some quick easy steps to raise your credit score, such as paying off a credit card, reducing the number of credit cards or paying off student loans. Let's discuss how your score is determined. There are several factors that go into the calculation. Look at the following chart!
- Payment History – 35% - Includes information on types of accounts, public records, payment delinquencies, collections
- Amount of Debt – 30% - Number of accounts (loans, balance of installments compared to the original loan amount, proportion of high credit to balance on revolving debt.
- Length of Credit History – 15% - Do you have a long period of consistent and on time payments?
- Acquisition of New Credit – 10% - have you recently taken on a lot of new debt, this may decrease you chances of securing financing
- Type of Credit in Use – 10% Mortgages vs Pay Day Loans and Title Loans
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