Free and credit report Bowling Green

If you would like to learn more about credit reports, credit scoring, and what it means to you, I encourage you to explore the wealth of free and credit report Bowling Green material offered by Bills.com.

Best, Bill www.bills.com First, it is important to understand how your credit score is calculated.

I will discuss credit score calculations in general, and then address your question. Your credit rating is calculated based on several variables, including: 1) Payment history, which counts for approximately 35% of free and credit report Bowling Green your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will free and credit report Bowling Green hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be.

Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history. 2) Total debt and total available credit, which counts for about 30%.

This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered free and credit report Bowling Green a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. only free credit report

If your account balances are relatively low compared to your available credit, this part free and credit report Bowling Green of the risk analysis should help your overall credit score.

The score calculation also looks at these two factors independently.

Having too much available credit, whether you free and credit report Bowling Green have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit free and credit report Bowling Green risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt to credit free and credit report Bowling Green limit ratio low. 3) Length of positive credit history, which counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. id theft protection

This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments. 4) Mix of types of credit, which counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact.

5) Number of new credit applications you completed recently, which accounts for about 10% of your score. Applying for too much new credit in free and credit report Bowling Green a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make free and credit report Bowling Green an exception for people who are free and credit report Bowling Green shopping around for a loan, so if free and credit report Bowling Green you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.

As you can see that total debt in comparison to the total credit available has a weight of about 30% on your overall score. As you intend to use only a portion of the total available credit, it should not influence your score to that great an extent. Although you cannot realistically calculate free and credit report Bowling Green your own credit score, you can review your credit report for on the five factors I named above to get free and credit report Bowling Green an idea of whether the accounts listed on your credit report are hurting or helping your credit score. monitor credit score You can then take action to improve any potential problems, such as paying down your balances free and credit report Bowling Green or paying off collection items. Also, factors such as age, sex, income, and length of employment, have no direct affect free and credit report Bowling Green on your credit score, and are not free and credit report Bowling Green considered when the bureaus calculate your score. Keep in mind that for most lenders, your credit score is only one aspect, albeit an important one, of your overall credit worthiness, meaning the creditors view free and credit report Bowling Green of your ability to repay a loan.