Rags 2 Riches Consulting​​
Credit Score Graph
Credit Score Graph
Educating yourself on how your credit score is calculated is always good to know.
35% - Have you paid your bills on time? If not, how late were you and how often were you late?
30% - Know how much you owe to each account, and how much of your credit limit you have used.
15% - How long have you had each account
10% - How many credit requests have you made and how many reports have been pulled on you.
10% - What kind of debts do you have?
How To Get Approved
How To Get Approved
- Financial literacy is a must in our everyday lives. By learning this 5 factor formula (above) you will have a better chance of keeping an "Excellent" credit score.
- Pay all of your bills on time. If at any time you feel you will be late on a bill be sure to contact the company to advise them and see if they can work out a solution, so it will not effect your credit.
- To achieve the highest score possible use 10% or less on your credit cards. Never use more than 30% or you will see a decrease in your score.
- When applying for a loan be sure to go directly to a Credit Union or Bank where your credit will only be ran one time eliminating several hard inquiries.
3 Main Credit Bureaus
3 Main Credit Bureaus
These are the 3 main credit bureaus.
Equifax
Experian
Transunion
Credit bureaus are not government agencies, they are actually private owned companies like any other business. Though the bureaus are private companies there are many rules and laws they must abide by.