Oct 18 2018 Know About Your Credit

Oct 18 2018 Know About Your Credit


Dear Customers,

October 18 marks National Get Smart About Credit Day, an entire day dedicated to educating yourself and others on the importance of sound financial management.

Most of us know that credit is important, but do you know what factors impact your credit score?

  • Payment history (35%): Making all payments on time is the most important factor in calculating credit scores, so it is critical that you consistently make timely payments.  

  • Credit utilization (30%): This is the amount of credit you use compared to the amount of credit you have available. Credit experts recommend that you use no more that 50% of your available credit.

  • Length of Credit History (15%): Believe it or not, the length of time each account has been open factors into your credit score. Longer credit history offers a better picture of long-term financial behavior, so don’t close out any accounts in hopes that it will improve your credit.

  • New Credit Accounts and Inquiries (10%): Opening too many credit accounts could suggest that you are in financial trouble, so it’s best to only apply for new credit as needed.

  • Credit Mix (10%): Having a variety of credit accounts indicates that you can handle all sorts of debt. It’s recommended to use a variety of credit, such as credit cards, lines of credit and installment loans, such as mortgages and car loans.

Make the most of Get Smart About Credit Day by checking your credit report online at www.annualcreditreport.com

Federal law requires that each of the three nationwide consumer credit reporting agencies- Equifax, Experian, and TransUnion- give you access to one free report every 12 months.

Please reach out to me for helpful advice, or to take advantage of our Credit Enhancement services.


Ricky Emert

Realtor, 704-606-3000 text or call with any questions. I can help you buy or sell quick! And help you raise your credit score!!

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Phone: 704-606-3000
Dated: October 18th 2018
Views: 589
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