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WHAT'S REALLY IN A CREDIT SCORE?


5 FACTORS THAT DETERMINE
 YOUR CREDIT SCORES:

PAYMENT HISTORY..................................35% OF THE SCORE.
Your ability to re pay money borrowed.
Risk Predictors look at:
  • Severity- how bad are the delinquencies.
  • Recency- the more recent the delinquency, the greater the negative impact. 
AMOUNTS OWED.......................................30% OF THE SCORE.
Looks at your revolving debts.

Risk Predictors look at:

  • Large outstanding balances.
  • Proportion of balances compared to the credit limits.
  • You must maintain a balance below 30% of the available credit limit.
Length of Credit History............................15% OF THE SCORE.
The older the account, the greater the score.

Risk Predictors look at:

  • Age of the trade-lines (the age of the oldest account, the average of the accounts, or both)
NEW CREDIT...............................................10% OF THE SCORE.
Are you taking on any new debts.

Risk Predictors look at:

  • New accounts opened (new accounts temporarily lower credit scores)
  • Number of Inquires (hard inquiries can lower scores 5-10 points per pull)
TYPES OF CREDIT IN USE........................10%  OF THE SCORE.
 Is it a healthy mix of credit.

Risk Predictors look at:
  • Number of trade lines for each type of account- ( mortgage, auto, installment, and revolving credit cards)
WHAT IS CONSIDERED A GOOD CREDIT SCORE?





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