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How’s Our Credit Score Percentage?
By Darren Allsop.
You should know that the better your credit score is, the simpler it will be to gain loans, credit cards & mortgages. It may be difficult for many people to know how a credit score is compiled. Here we will try to describe the factors in how you your credit score is calculated.

Do you pay on time?

Consider this section to be the most important for your credit score. This part is responsible for a third of your score. This will be placed on your credit rating file. Creditors will be able to see your payment history when they view your credit report. To keep your score higher, always pay your payments a few days early. Lenders will frown on late payers, and may report you even if you’re only late by a few days. This must be avoided if you want and desire a high credit rating.

How Much Do You Owe?

This can make up 30% of your credit file and is known as your debt ratio. This simply means how much you owe versus the credit limit. For example we could be in possession of a credit card with a spending limit of $500 and you owe $480 this is considered a very high debt ratio and possibly have a negative influence.

If you can pay down your credit card debts to less than half the credit limit, this will positively influence your credit score. Credit bureaus will not differentiate between payers who pay their whole balance or payers who keep their balance below the 50% mark.

Have You Had Credit For Long?

The more time you have had credit, the better. Lenders want to see that you consistently over a long period of time pay your bills. This can account for 15% of the total of your credit report.

Don’t make the mistake of closing the account where you have paid the debt off. Credit card accounts you have had for some considerable years, it’s a good idea to, keep the account alive. This will guarantee to keep your credit history going and obviously increase your credit rating.

What Type of Debt do you have?

Whatever type your debt is, this will be responsible for 10% of your total credit score. There are different

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