If you are thinking about closing an account that you have, wait! There are things you need to consider before doing it. For example, what effects will it have on my credit score? It might have the effect you are looking for.
Category: Credit History, UtilizationTags: Closing accounts | Comments (0)
There are three different credit bureaus and each of their credit reports contain the same general information. Here is a brief overview of what you will find or could find.
Person Information
This includes your name, social security number, employer, and addresses that you have lived at.
Your Accounts
This section of your credit report is a list of [...]
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The last part is your credit mix and it equates to 10% of your credit score. This section is almost ambiguous in explanation because there is little to find about credit mix. Its description is what types of credit are you using. Credit scores like to see a Healthy Mix of credit.
This means you don’t [...]
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Another part of your credit score is your applications for credit and it equates to 10% of your credit score. Lenders like to see stable borrowers and nothing scares them more than person who goes out and applies for 10 new credit cards. Why all of a sudden would a person need all this credit? [...]
Category: InquiriesTags: Inquiries | Comments (0)
In calculating your credit score, the length of your credit history makes up 15%. The importance of credit history, is a short history is less reliable. A nice long history paints a larger picture of you to lenders. The longer the better.
Here are the stats from MyFICO
The average consumer’s oldest obligation is 14 years old, [...]
Category: Credit HistoryTags: account history | Comments (0)
The second largest part of your credit score is how much you owe. It is defined as utilization and equates to 30% of your credit score. The reason for such a large weight in your credit score is because lenders find that people that owe or more specifically close to their limit are a increased [...]
Category: UtilizationTags: Utilization | Comments (3)
This is a somewhat confusing word: Recency. It just refers to how recent you paid late on an account. The more recent it is, the more negative effect it carries. For example, if a payment was late in the last six months it will hurt more than a late payment from three years ago. [...]
Category: Late PaymentsTags: recency | Comments (0)
Do you always pay your bills on time? The answer is hopefully yes. As part of your payment history, frequent late payments affect the largest part of your score payment history.
To be honest I research an hour online using all forms of keys words and could find any specific information about frequent paying late. What [...]
Category: Late PaymentsTags: frequency | Comments (0)
