5 Things To Know About Your Credit Score

Dated: 11/30/2016

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5 things you should know about your credit score

How is my credit score determined?

35% is your payment history, 30% is the amounts owed,15% is the length of your credit history, 10% is new credit opened and 10% is the type of credit used.

What are the benefits of a good credit score?

Your credit is a factor in determining whether or not you are approved for a loan or insurance. A higher credit score means lower interest rates on loans.

How do I improve a poor credit score?

The first step is making sure your credit report is accurate. Every year, pull a free credit report at http://www.annualcreditreport.com.

How long will negative items stay on my report?

Foreclosure stays on the record for 7 years and may negatively impact a score between 85-160 points. Chapter 13 bankruptcies stay on file for 7 years and Chapter 7 bankruptcies stay for 10 years. Both reduce your score by about 130-240 points. 30-day mortgage delinquencies reduce a credit score between 60-110 points, and the impact is higher for 60- and 90-day delinquencies.

What are some tips for maintaining a good credit score?

· Set up a periodic bill-paying schedule to ensure on-time payments.

· Develop a budget. Try free online budgeting software like Mint.com.

· If you’re having trouble making ends meet, contact your creditors to try to modify your repayment.

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