June 18, 2021

Do you know what factors in your credit score?⁠ ⠀⁠ Payment History — is represen…


Do you know what factors in your credit score?⁠
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Payment History — is represented by your ability to make on-time payments ?⁠
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Age of credit — the average age of the credit account you have open. ?⁠

Utilization — is factored by how much of your credit limit you are using. ⁠
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Balances — lenders like to see low balances on accounts such as loans and mortgages. A great representation that you have made more on-time payments. ?⁠

Inquiries — the number of times your credit was ran for an application for a new card, loan, or mortgage. Let’s keep that number to a minimal. ?⁠
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Available credit — lenders want to see that you are not taking out more credit than you may need. ?‍♂️⁠
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What steps are you taking to increase your credit score this year?⁠
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—— Follow: @spacecitymoney for more ——⁠
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⚠️ I am not a financial advisor, the information provided is for educational and/or entertainment purposes only. ⚠️⁠


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