Your credit history Utah

If you would like to learn more about credit reports, credit scoring, and what it means to you, I encourage you to explore the wealth of material offered by your credit history Utah Bills.com. Best, Bill www.bills.com First, it is your credit history Utah important to understand how your credit score is calculated.

I will discuss credit score calculations in general, and then address your question. Your credit rating is calculated based on several variables, including: 1) Payment history, which counts for approximately 35% your credit history Utah of your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If your credit history Utah you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history. where to get a free credit report

2) Total debt and total available credit, which counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are your credit history Utah struggling to pay off the debt you have already incurred.

If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your credit history Utah your overall credit score. The your credit history Utah score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or your credit history Utah not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. request your credit report Unfortunately, your credit history Utah the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt to credit limit ratio low. 3) Length of positive credit history, which counts for about 15%. The your credit history Utah longer you maintain accounts in your credit history Utah good standing, the better your score will be. This shows that you are able to your credit history Utah make a long-term commitment to a creditor and are consistently your credit history Utah responsible about making your payments. 4) Mix of types of your credit history Utah credit, which counts for approximately 10%. Having several different types your credit history Utah of credit, such a credit cards, consumer loans, and secured your credit history Utah debt, will have a positive your credit history Utah influence on your credit score. Having too much of one type of credit can have your credit history Utah a negative impact. 5) Number of new credit applications you completed recently, which accounts for about 10% of your score. credit report uk Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can your credit history Utah give you the best rate on a new loan, you need not worry too much about damaging your credit score.