Things To Consider About Credit Scores
The exact details of a FICO (Fair Isaac Corporation) score are never known by the public. After knowing your score, do you always wonder what factors are considered to come up with it?
Being late on certain payments will never fail to negatively affect your credit score. Payments that are received more than 30 days after due date is deemed late. Most of the creditors report all payments that are behind and usually sort them out in different batches. That being said, if you are late even for only one day, your account is more likely be reported alongside those that are 59 days late. Yes, that could happen.
Your credit balance gives your lenders substantial idea regarding the cash you have on you and your credibility as a borrower. High balances almost always have a negative impact on your credit score.
Don’t think of opening tons of credit card accounts all at the same time since this may cause an issue with your lender. Because of this, you might be up for multiple credit inquiries considering it will seem that you are extremely strapped for cash, which would not be doing any good to your credit score.
If you max out your credit cards, it’s not only you that will suffer but so will your credit score. See to it that your balances are less than 35% of the available credit. It could sound pretty difficult, but you can totally do it.
The longer your credit record is, the better it will be for your rating. Have mixed types of credit card and do not think of closing down old ones since these will help you improve your score.
With more time and effort you can pretty much increase your score. Don’t let your credit score overpower your life. You can always do something about it if you’re not satisfied.
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