Factors Affecting Your Credit Score
As you become older and older, you realize that credit score is one of the most important numbers, which affects your financial life. The more you know about credit scores, the easier it will be for you to have a healthy financial life and thus more opportunities to have loans with the prime rates. The following factors play a major role on your credit score:
- Repayment history: this factors carries the most weight on your credit score. Experts in the industry say that this factor alone accounts for the 35% of your credit score.
- Outstanding debt: the next in line comes in your debt. This factor plays 30% of your credit score.
- Length of the credit history: the longer your credit history is, the better it is. This factor weights about 15%.
- State of the accounts: the amount of money, you have in your account. This factor is about 10% of the total credit score.
- Different credit types: the types of loans you have taken out, have an affect on your credit score as well. Whatever it is a secure, unsecured loan or just debt consolidation matter. Finally, the factor has another 10% of the credit score.
What is a Good Credit Score.net was established in 2008 to help you find the answers to your credit score and credit report questions. Our focus is to provide a resource that covers credit scores, credit reports, and more as it may relate or benefit your individual credit situation. Thank you for visiting.