Florida

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Immobilienmarkt USA

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Questions and Answers

Question: Can I Improve My Credit Score?

Answer: Scoring models such as FICO generally evaluate the following types of information in your credit report and are weighted as suggested by the percent shown:

On Time Payment - 35% Have you paid your bills on time? Payment history typically is a significant factor. Your score will be affected negatively if you have paid bills late, had an account referred to collections, had repossession, or declared bankruptcy.

Amount Owed Versus Capacity - 30% What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit that is likely to have a negative effect on your score. Authorities suggest 30%-60% as desirable by creditors. Maintaining a low balance on multiple cards is better than high balances on one… but don’t run out for more cards to “even out” balances just before applying for a loan.

Length Of Credit History - 15% How long is your credit history? An insufficient credit history may have a negative effect on your score, but that can be offset by other factors, such as timely payments and low balances. If you are going to close an account try to maintain the oldest accounts as age of account matters.

New Credit Accounts - 10% Have you applied for new credit recently? If you have applied for too many new accounts recently or had to many recent inquiries, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make “pre-screened” credit offers are not counted.

Types Of Credit In Use - 10% How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies (rather than a bank) may negatively affect your credit score.