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Breaking Down The Factors of Your Credit Score
Your credit score plays a big role in your financial life. From determining your ability to take out a loan to impacting your ability to lease a home, your credit score matters, but it can be hard to understand. At 360 Credit Consulting, we do everything we can to educate our clients about their credit — providing them with credit repair consultation and credit improvement. If your credit score is confusing, here is a quick summary of every aspect of your credit score! For help getting your score where it needs to be, reach out to us today.
Payment History
This part of your credit score is worth 35% of your credit score. Your payment history takes into account your past credit accounts and how well you were able to pay them off in time. If you are incredibly consistent with your payments, your credit score will be impacted in a positive manner. However, if you miss a payment or several, your score will be negatively impacted.
Amount Owed
When it comes to lines of credit, it is possible to overextend yourself. If you are borrowing large amounts of money, this can signal to lenders that you are taking out too much money and may not be able to pay the loan back. For instance, borrowing $2000 with a $3000 line of credit will have a larger negative impact than borrowing the same amount with a $6000 line of credit. This portion of your score is 30% of your credit score, so make sure to keep your borrowing to lower amounts relative to your available line of credit.
Credit History
Worth about 15% of your credit score, this aspect of your credit score takes into account how long you have had your lines of credit open. It also takes into account how long it has been since some accounts were used and the age of your newest account. Having credit accounts for more time can positively impact your score, but it’s not necessary for a good score.
Credit Mix
This portion is worth about 10% of your credit score and takes into account your various credit cards, retail accounts, and other lines of credit. The more you have, the better your score (providing a good payment history). Having a well-rounded credit mix is another great way to give your credit score a boost. If you are looking for credit score repair, reach out to us today!
New Credit
This is worth about 10% of your score and takes into account how many lines of credit you have opened in a short amount of time. If you opened a lot in a short period of time, this signals a higher level of risk and more difficulty with repayments. If this or any other portion of your credit score is having a negative effect on your ability to take out a loan, we can help. Reach out to us today for credit report repair and credit score improvements.
When it comes to credit score improvement, there are a wide range of options available to increase your score. At 360 Credit Consulting, we specialize in helping our clients recover their credit score and grow their financial capabilities. If you are looking for credit report repair and looking to repair your credit score, we may be able to help you get back on track. For more information about our services and to have your credit score repaired, reach out to us today! We look forward to helping grow your credit score.
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What is 360 Credit?
360 Credit Consulting can help you save! Are you trying to get credit approval? Improving your credit will save you thousands of dollars each year with better interest rates.
Do you know what’s reporting on your credit report? Do you know what can make it better or worse? Do you know how to maintain a good credit score? Take advantage of our free educational resources and start saving money today.
Don't let a few bumps in the road hurt your financial future. Errors and inaccuracies on your credit are costly, and you might not even be aware of them. We find them and help you remove them.
We can help calculate a realistic time frame for you to achieve the results you want. 360 Credit Consulting analyzes your credit and guides you through the process.