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RSS FeedThe Credit Score Puzzle, Part 2 |
Posted at Real Estate Bits and Pieces by Susan Pruden
Sunday, February 24, 2008
Categorized in: Financing News
Last entry, we talked about payment history and your credit score. Your payment history makes up 35% of your credit score, so paying all your debts on time, over time, is the best way to increase your credit score.
30% of your credit score comes from your outstanding credit balances. If you are consistently maxxed out on your credit cards, you'll have a lower credit score than if you only use about 30% of your available credit. This is true even if you always pay on time -- the rationale being that you don't overly rely on credit to get by.
Maintaining a low balance shows that you can manage your credit, instead of it managing you.
Next time, the rest of the credit score puzzle.
(C) Susan Pruden.
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