Presently we will take a narrow look at how the five factors which make up your average credit score affect it.
- The first and probably most important factor in the calculation of your Credit Repair Miami credit score is your payment history. Note that the payment history keeps the various payments you’ve made on credit lines you’ve availed. Keep in mind that late or delayed repayments are continuing to affect the payment history in a negative manner. The total outcome of this key factor is a significant 35% of the credit score.
- The second relevant element of your credit score is unpaid debts. They include a good 30% of your credit score and estimate exactly how much credit you’ve used from what is available to you. Keep in mind that the greater the debt you’ve, the more negatively it is going to affect the credit score.
- Your credit history may be less significant compared to your payment history or owed debts, but note that it accounts for about 15% of the credit score, which you cannot ignore. Your credit history shows exactly how much record is present on the credit profile. More history often implies a better score.
- Credit type is the fourth element of your credit score. They make up 10% of the credit score. It is an important measure that exposes how many sorts of credits you’ve applied for and are also using. Note that credit bureaus urge you to implement for various kinds of credit instead of concentrating on just one type.
- Credit inquiries are the final element of the credit score, gaining up 10 percent of it.
Source: Raise Up Credit Repair Miami