29

Oct

Elements That Influence Your Credit Score

The items mentioned below are key to determining how well your credit score would be. Pay attention to them and you may just have a better credit score over time. Payment History Amounts Owed Credit History Duration New Credit Payment History The most essential factor in determining your credit scores is your payment history, as it shows on your credit report. Within this category, the scoring models take into account: Timeliness Of Payments: A track record of paying your bills on time is beneficial to your credit score. Late payments: Payments that are more than 30 days late will usually […]

15

Oct

How Frequently Your Credit Score Is Updated

As the information on your credit report gets updated, your credit score fluctuates. New balances, bill payments, and account openings are just a few of the elements that appear on your credit report and affect your credit score. Your credit score should be updated at least once a month, but it may be updated more regularly if you have various financial products. Your credit score may be refreshed each time one of your creditors forwards information to one of the three credit bureaus.Because lenders do not all give updates on the same day, new data may be updated to your[…]

08

Oct

How Your Credit Score Is Calculated

Credit Scores are determined by Credit scoring models that evaluate one of your consumer credit reports and then give a score (ranging from 300 to 850) based on complicated computations. A higher credit score indicates that the person is less likely to miss a payment, which is why having a higher credit score can help you qualify for better rates and terms from lenders. Elements that influence your credit score Payment History Amounts Owed Credit History Duration New Credit Payment History The most essential factor in determining your credit scores is your payment history, as it shows on your credit[…]