Different Types Of Credit How They Impact Your FICO Score

Dated: 03/25/2018

Views: 278

Different Types of Credit / How They Impact Your FICO Score

Good credit, bad credit, large credit, small credit — after a while, building credit can feel like the ‘Impossible task’.

 With so much information out there about how to improve credit, we’re here to set the record straight.

The fact of the matter is not all credit is the same, and it’s important for informed consumers to have a grasp on all the different kinds of lending   before taking out a loan. For example, do you know the various factors that go into calculating your credit score?

YourFICO score is calculated by five different factors:

Payment history (35 percent) — The most important factor. Indicates any late or missing payments.

Level of debt (30 percent) — Credit utilization is another major factor, which is the ratio of your credit balance vs credit limit.

Age of credit (15 percent) — How long your accounts have been open.

Inquiries (10 percent) — The number of credit-based checks you did in a 12-month period.

Types of credit (10 percent) — Lenders will look to see if you have experience with a diversity of loans.

Now that you know how this is Calculated you can better work on your credit!

For More Help On your Credit

Contact Ann Norton 330-412-9799

or Josh Twitchell 330-412-7413 today 

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Ann Norton

I am dedicated to you! I will give you a 100% all of the time day or night! I will get you the house you want for the price you want! I will sell your house and get it done quickly! I think outside th....

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