I know what a Credit Score is, but what effects it?

Having a good credit score is directly impacted by your ability to understand what impacts the score the most. Here, we will keep you educated on what impacts your score. Your score is a snapshot to the lender on the risk they take by giving you a loan. According to Equifax, these are the factors that go in to determining your score:

35%- Payment History- are you paying your minimums on time?

35%- Public Records- bankruptcies, collections, judgments

15%- Length of History- the longer you have accounts open, the better

10%- Inquiries- anytime someone such as a lender, landlord or insurer pulls your score

10%- Accounts in use- only keep a manageable amount of accounts active. Don’t open accounts you don’t plan on using.

Having a better knowledge of what effects your score will put you on the path to having a higher score, approved for that loan, and into that car you’ve always wanted!