Credit Is Key!
Credit Building Information
Understanding Credit Scoring
Credit scores can be confusing. There are multiple different scoring models, along with three major credit reporting agencies. However, FICO is the most commonly used system, generating a score of 300 to 850.
The two biggest impacts on your credit score are:
- How regularly you pay your debts on time, which accounts for 35% of your score
- How much of your available credit you’ve tapped, which accounts for 30% of the total calculation
In other words, these two factors comprise almost two-thirds of your score.
Weighted less heavily but still important are how long you’ve had a credit history (longer is better), how many times you’ve applied for new credit in the last 12 months (fewer is better), and whether or not you show a mix of credit types (variety is good).
https://www.investopedia.com/average-credit-scores-by-race-5214521
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If you are seeking to learn more about credit, Contact Us for a one-on-one consultation. Our goal is to empower you with information. And knowledge is the key to power.