What impacts my credit score?

As you can see from the pie graph above, PAYMENT HISTORY and AMOUNTS OWED significantly influence your credit score. Remember, ALWAYS pay your accounts on-time. Automate the process if necessary, to make sure you aren’t late. Even one late payment can have a negative impact on your credit score.

Practice good credit utilization, by not utilizing more than 30% of your credit limit on your credit card. CREDIT HISTORY is a good indicator to lenders of predictive payment behaviors of consumers seeking additional credit.

VARIED CREDIT and CREDIT INQUIRIES impact your credit as well. A variety of three (3) types of installment and revolving accounts, such mortgages, auto loans and credit cards, show lenders that you are able to manage credit effectively, while six or more CREDIT INQUIRIES show you make hasty financial decisions. Keep these five (5) things in mind as you manage your finances.