Do you know what factors in your credit score?
⠀
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. 🧾
⠀
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. 👍
⠀
Available credit — lenders want to see that you are not taking out more credit than you may need. 🙅♂️
⠀
What steps are you taking to increase your credit score this year?
⠀
—— Follow: @spacecitymoney for more ——
⠀
⚠️ I am not a financial advisor, the information provided is for educational and/or entertainment purposes only. ⚠️
⠀
#SpaceCityMoney #moneysavingideas #moneygrowth #savingsaccount #wealthbuilder #bankaccount #spending #creditcard #billions #PersonalFinance #businessmindset #cashflow #passiveincome #credit #stocks #investing #Finance #financialfreedom #wealth #rich #money #success #business #entrepreneur
