Having a high credit score can significantly make a difference on how lenders approve your credit applications and how lenders give you their rates. What is the best way to improve your credit score? To better answer this question, we’ll be taking a look at how credit reports and scores are calculated.
Your credit score is totaled based on five major categories – your payment pattern, your payment history, your debts, the types of your credit, and new credits in your account. Now, let’s discuss each of these credit score categories.
Your Payment Pattern
Obviously, how good of a payer you are will affect your credit score greatly. To analyze your payment pattern, simply ask yourself the following questions: • Do you pay all your bills promptly?
• Are you in the habit of delaying on your payments?
• Do you have past due bills in your account?
read more Tips To A Better Credit Report And Score
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