More Facts on Credit Rating

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  • Your Payment History – 35% impact on your credit score.
  • The Balance You Owe vs. Your Available Credit Lines – 30% impact on your credit score.
  • Your Credit History, or how long your accounts have been opened – 15% impact on your credit score.
  • The type of credit that you have open – 10% impact on your score.
  • The number of recent inquiries that have been made by creditors – 10% impact on your credit score.

Improving your Credit Rating

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Fast Facts:

  • Pay debt on time
  • Know your credit history
  • Keep your credit balances below 50% of the available limit
  • Credit inquiries affect your credit score
  • Multiple inquiries by home loan lenders within 45 days count as only one inquiry

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