Flash Cards For A 2 Year Old Online With Noise Do You Understand The 5 Components Of Your Credit Score?

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Do You Understand The 5 Components Of Your Credit Score?

In the last half century or so, the amount and number of people using some kind of personal credit has grown and increased significantly! Although credit reporting agencies freely publish how one’s score is calculated, many seem to be confused about what is needed, and necessary, to protect, and improve, yours! It is important that the three main agencies use slightly different criteria and/or measures to calculate these, and therefore it is wise to check your report with each of these at least once a year! (Note: By law, you are entitled to receive, once a year, each of these, at no cost to you). With that in mind, this article will try, in short, to consider, examine, review and discuss the 5 main components that affect your score.

1. Payment history: Your payment history contributes approximately 35% to the total score! Even, being later, in some cases, especially, if this happened, a little – recently (usually, considered, up to, and including, 3 to 7 years, back). Some believe if they never, or, very rarely borrow, they will have a better rating, but, agencies want payment history, to clearly, prove to them, you can handle it, in a responsible way! It is therefore wise to have, perhaps, 2 to 5 cards, and, perhaps, a car payment, and pay them, immediately, all the time!

2. amount owed and utilization: Is the total amount owed considered appropriate? Compared to, available, lines of credit, how much do you, have, outstanding? Generally looking to use 30% or less than you have available! Remember, this category, in general, accounts for about 30% of the total count!

3. Length of credit history: The length of your personal credit history often determines, approximately, 15% of the total! Lenders, usually, look for some combination of these, and some, with a longer time/age, to clearly demonstrate, to them, a pattern of responsible behavior, in terms of how you handle money!

4. New credit: Each time new credit is acquired, it affects your overall score. If you have too much of this recent activity, it hurts your rating! Beware of getting too attracted to any store offer that might weaken your overall rating! This category accounts for about 10%.

5. Credit mix: One’s credit mix is ​​often considered to be worth approximately 10% of the total rating! If all that is owed is on charge cards, etc., it is considered, less compelling, than if there is a mix, in the type, and length, of what your overall debt may be!

Become a smarter consumer and learn to handle credit and debt more responsibly and protect your score! It is important, but will you, consequently, follow through with the necessary degree of discipline and commitment?

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