October 18 marksNational 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.
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