June 22, 2021

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


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. ⚠️

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