Credit Score 101, Do’s and Dont’s
A credit score is an indicator of how likely you are to default on a loan or credit card. Your credit score is determined by a combination of the following:1. Payment History. Do you pay your bills on time? Are there recent late payments? How many times were you late?2. Amounts owed. Are your cards maxed out? Do you have a ton of debt?3. Length of credit history. How long have you been using credit? Have you established good credit history?4. New Credit. Are you opening new accounts and borrowing more? How many recent inquiries do you have?5. Types of credit in use. Do you a good mix of various accounts?Things like age, race, color, national origin, sex, and marital status do not have any bearing on your credit score. Only positive and negative information from the five [...]
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