Payment History is 35%Payment historyhas the highestimpact on yourcredit report Advice : Pay your bills on time
Amount Owed/Debt to limit Ratio is 30%Lenders and credit bureaus lookat the amount of debt you owerelative to the amount ofavailable credit. Advice: Keep your credit balance low
Length of Credit History is 15%Short history is lookedat as a credit riskbecause there’s noproven record. Thereis no reason to everclose any accountbecause the longer theaccount is open themore it helps increaseyour score. Advice: Keep your old accounts open
Types of Credit Used is 10%Credit bureauslook at how manydifferent types ofcredit youcurrently use andhave used in thepast, such ascredit cards,mortgage, carloan, retailaccounts, etc. Advice: Manage different types of accounts.
New Credit is 10%Too many creditapplications mean thatyou are taking lot of debt& are in financial troubleAdvice: Don’tapply for multiplecredit lines.
Check your credit score on regular basis & Keep it high for a good financial life Info Source: www.Creditscore.com
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