Posted on July 23, 2008 - Filed Under Credit History, improve credit score | Leave a Comment
The second reason closing accounts could hurt your good FICO score or might not help you improve your FICO score is your credit history. Your Credit History makes up 15% of your FICO score. If you think you are going to improve your credit mix by closing mix you could hurt this.
Your credit history [...]
Posted on July 23, 2008 - Filed Under improve credit score, utilization | Leave a Comment
If you are looking to improve your FICO score a common mistake is to close accounts. People look at the fact you are judged on your credit mix and Fair Isaac likes to see a well round use of credit. Actually, your credit mix makes up 10% of your score. They think that closing the [...]
Read More..>>Posted on July 23, 2008 - Filed Under applications, improve credit score | Leave a Comment
Applying for credit should be done carefully to maintain a good FICO score. This is because 10% of your FICO score is your applications for credit and is measured by how many times lenders view your credit report. A good FICO score usually means you aren’t going out and applying to every new credit [...]
Read More..>>Posted on July 21, 2008 - Filed Under improve credit score, utilization | Leave a Comment
How much you owe is taken heavily account when figuring a FICO score. It equates to 30% of your FICO score and you need to understand how it is figured. Utilization is the method of measuring how much you owe. This is debt divided by your credit limits. The lower the better is always the [...]
Read More..>>Posted on July 20, 2008 - Filed Under Payment History, improve credit score | Leave a Comment
This may seem as a simple way to improve your FICO score, paying your bills on time. In another post How Your FICO Score Works, you’ll find the large portion of your score is dedicated to your Payment History. That is why it is so important.
Late payments are always an indication of a [...]