Improving Your Credit Score

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Aside from your Social Security number, there is one other number that has a powerful impact on your life: your credit score.

A credit score is different from a credit report. The score involves several elements and all carry a different weight.

How Credit Scores Are Calculated

  • Payment History…………….35%
  • Amount owed ………………..30%
  • Length of credit history….15%
  • Types of credit………………..10%
  • New credit……………………….10%

 

Maintaining and Improving Your Credit Score

  • Go to www.annualcreditreport.com
  • Pay off debt rather than move it around
  • Establish credit
  • Don’t hide
  • Set up bill pay reminders

 

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