Different Types Of Credit How They Impact Your FICO Score

Dated: 03/25/2018

Views: 279

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 

Blog author image

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....

Latest Blog Posts

Date Night Ideas That Are FREE Or Next To FREE Save That MONEY

Some Cheap Date Night Ideas So you can save that money!!!To save some $$$1. Make Homemade Pizza Together2. Create Cocktails at home3. Give massages to each other4. Lay a blanket outside and star

Read More

Be Home For Christmas

Be Home For Christmas. That's right, there is still time to buy a home and be in it before Christmas. What a present! As an added bonus, you may not have a payment due until February of 2019. How do

Read More

Top Tips To Get Your Down Payment How Far Are You Going To Go Works For Emergency Fund Also

Let's 🗨️Talk about Saving💰 Money! Its a thing I am constantly trying to help my clients with!  I am trying to help you not only save money,for emergency fund, but your down🏠

Read More

Home Buyer Turn Offs Seller Must Read And Buyer Beware

Home🏠 Buyer Turn Off's1. Clutter, Its important to go thru and clean up your home, declutter, and depersonalize your home. Take down personal pictures, address information and put away all

Read More