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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 💰 ⠀
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. 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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