Your Credit score can either save you money or cost you money, it can stop you from getting a job, and keep you from getting insurance. It pays to understand what you can do to make it the best it can be.
Instructions
1. 30% of your credit score is attributed to credit balances.
Keep your existing balance at or below 45% of your limit available on your card.
It is therefore important that all creditors report the available credit - or high limit on your credit report - or it harms your score. So get the credit to add the limit to your report, or don't do business with them.
2. 35% of your score is made up from your actual payment history.
Whatever you do, make your payment within 30 days of the due date.
Only 30 + day lates will appear on your credit report
3. 15% of your score is based on credit history.
So it is important not to close your credit accounts that have been opened for a long time with a good rating.
Longer Credit History equals a higher score.
4. Keep a good mix of your accounts.
A good mix would consist of 3-5 credit cards, an installment loan ( auto), a mortgage rating.
Also Inquires impact your score by 10% - each inquiry can impact your score by 5 points.
