Credit Repair services

Having Your Credit Score Explained

” The Age of Your Credit: If you have had credit for a longer time, especially without deliquencies you are likely to continue to be a good credit risk. ” If you are trying to get a lot of credit cards in a short window of time, it may have a detrimental effect on your credit score. What Type Of Credit Do You Have: Having a mortgage or installment payment loan is more likely to help you credit then credit cards, or revolving credit lines.

Credit Reports Explained

Your credit score determines many things – if you’re responsible enough to re-pay a loan on time and not default as well as your experience handling lines of credit and interest rates.

The Dynamics: Maintain and Improve Your Credit Score

Your credit score is broken down into many factors: 35% is your payment history; 30% is the current amount you owe; 15% is the time you’ve had your credit lines open and active; 10% comprises new credit lines; and the remaining 10% is the type of credit you use (2).

Send Away for Your Credit Report – for Free!

Please note that there is an additional fee to obtain your credit score from the credit reporting agencies.

You can also call the credit agency at 1-800-888-4213.

You can also view your credit report online with a free 30-day trial (3).

A credit counseling agency will offer advice on how to improve your credit score and boost your creditworthiness but will charge you extensively for this information. Basically, working to improve your credit score and fostering creditworthiness is a three step process: 1. Request and review your credit report from multiple agencies; 2. Pay in full your overdue accounts; and 3. Open new lines of credit, starting slowly with either a pre-paid or unsecured credit card.

If you’re reviewing your credit report yourself, the following scale will come in handy:

• Below 550 to 599: Your credit problems need to be addressed. Lenders and/or creditors consider these credit scores to be terrible.

You need to think about a course of action to improve your credit score.

Ibid.3. credit_bureaus.html