How to Raise Your Credit Score, and What Really Counts
Paying Your Bills on Time is the Largest Factor, About 35% of Your Score
The Kinds of Credit You Have Are About 10% of Your Score, Secured is Good, Unsecured is Bad
Cancelling Credit Won't Raise Your Score, About 10% of Your Score is Based on Length of Credit
Credit Balances Should be 40% (or Lower) of Your Credit Limit, Roughly 30% of Your Score
Don't Apply for too Much Credit, Several Requests Makes Lenders Uneasy About You, 10% of Your Score
Excellent credit = 720 and above
Good credit = 660 to 719
Fair credit = 620 to 659
Challenged credit = 619 and below
A credit score is a number that strongly indicates to lenders and creditors how likely you are to pay back the debt you owe, based on your past borrowing behavior. The higher your score, the more likely they think you will pay back the money you borrow.
Your credit score is used to determine whether you can get credit for things like: a credit card, a loan to finance your college tuition, a loan to buy a house or car, or even to start up a new business. Not only that, it is used to determine what kind of loan you qualify for, how much credit you qualify for and what your interest rate will be.
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