Don’t Let Your Credit Score Fall

Share This Post

Don't Let Your Credit Score Fall

Squash Your Credit Goals

Multiple factors influence your credit score. Understand the amount of influence each action has on your score.

• 40% - Payment History
  Pay down your credit card balance in full and on time every time. Usually your payments are due once a month.
• 23% - Credit Usage
  Only spend 10%-30% of all available credit — yes this means across all lines of credit you have and on each line individually. The more debt you pay off, the higher that score will climb.
• 21% - Credit Age
• 11% - Mix of Credit
• 5% - Recent Credit
  Every time you request a new line of credit, a hard inquiry is placed on your credit, which makes the score go down a little bit. It falls off your report after 2 years, but try not to apply for too many lines of credit at the same time if you're trying to raise your score.

If Your Score Did Fall, Don't Leaf It There

Here are some solutions!

• Set a monthly reminder on your calendar to pay your bill if you constantly forget. Or, better yet, set up automatic payments.
• If you are spending too much of your available credit, request a credit limit increase, but be sure to keep your spending where it is so the ratio improves.
• Do not apply for too many laons or credit cards at once. Spread out any requests over time.