Page 8 - AO 2nd QT 2017 PL
P. 8
Good Credit
If you have tried to buy either a car or a home, you know your credit ra ng can either make or break the approval of that loan.
To keep on top of your credit ra ng, it is recommended you request a copy – at least yearly – of your credit
report from Experian, Equifax, or
TransUnion.
Not sure what makes up your credit score. Here are the elements that are used it is compila on:
Payment History - 35%
Have you paid your bills on me? Are you 30, 60, 90 days or more late? Do you have any accounts in collec on or have you declared bankruptcy or been foreclosed on?
Amounts Owed- 30%
How much available credit have you used? What are your balances?
Length of Credit History - 15%
How long have you been using credit? What are your oldest accounts?
New Credit - 10%
If you have opened many new accounts, you could be considered a great credit risk.
Types of Credit Use - 10%
What is the mix of your credit cards, store accounts, installment loans, and mortgages?
