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