The Factors Making up Your Credit Score
The major factors affecting your credit score are as follows: Credit Repair Seattle takes care of:
- Payment History
- Debt Owed/Credit Available
- Credit Types
- Length of Credit History
- Credit Inquiries
Each factor provides a different perspective to your credit history. Payment history focuses on how timely you have made all your debt repayments. If you have been late at making those payments, they will appear on your credit history as negative signals. When you get a credit card from the bank or apply for a loan, you have the option to consume it all. However, using it all is a negative sign that reflects your bad financial condition.
You should apply for different types of credits as that registers on your credit history as a positive indicator. Your credit history should also be over an extended period. A short history does not provide lenders with enough information for your assessment before forwarding loans. Lastly, you should not let too many lenders pull your credit report because that’s a negative sign for credit bureaus too.