Five Major Credit Score Factors
Nothing smells better than the sweet scent of good credit 😍! The recipe for a FICOlicious credit score is actually easier than you think:
1️⃣ A hefty 35% serving of your Payment History – This is the king of flavor, and will predict if you will be on time or late within the next 24 months. Make sure to measure your payments carefully so that you have a good history!
2️⃣ Mix in 30% of Accounts Owned – This second key ingredient will determine how light or heavy your score will be based on how much debt you carry.
3️⃣ A 15% dash of Length of Credit – Just like wine, cheese, and the finer things in life, the age of your account will make for a stronger and higher credit score.
4️⃣ A 10% pinch of Types of Credit Used – Your credit mix is small but potent and does impact the overall outcome, it can even lead to earning additional points.
5️⃣ Sprinkle a 10% of New Credit – Applying for new credit can be a great cherry on top, but don’t get too carried away…having too many credit inquiries could also be overkill on your credit score.
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