| How is your credit score calculated? | |
Back in December we wrote an article on watching your credit score, and what effects your credit score. We wanted to follow up on the article and give you a bit more information about how your score is weighted. This is a carefully guarded formula that the credit companies keep very close to their vest. So, this is not exact, but it is very close.
- 35% - Punctuality of past payments (only includes payments later than 30 days past due)
- 30% - The amount revolving debt (credit card balances, etc.) as a percentage of total available revolving credit (credit limits)
- 15% - Length of credit history
- 10% - Types of credit used (installment, revolving, consumer finance)
- 10% - Recent search for credit and/or amount of credit obtained recently
If you are unsure of what your credit score is and or would like to know how best have your credit score raised, please let us know and we would love to help you.
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