Don't know your credit score?
You applied for a loan to prequalify to buy your favorite house on the street, but dont know your score, or what it means?uh oh??? Now you cant get that house that you already looked and chose to buy!!!!!!because you dont qualify for the loan.
Understand what you credit score means:
30% of your score is available credit: credit report minus the amount that you owe.
!0% of your score is Number of inquiries: Remember the inquiries made during the month or more for the same purpose are counted as one inquiry.
10% of your credit is Type of credit: Mortgages, installment loans, etc
35% of your score is payment history: the record of your own-time and late payments. If you payment is 3 or less days, that wont be reported as late.
15% of you score is length of history: The time since each account is opened
Now lets talk about how to improve your credit, which is what most people would want to know:
Make payments on time especially installments and revolving accountsDonot apply for new credit cards or loans
Pay all credit cards balances to 30% or lessof the limit for each one
Make sure your credit card companies report the credit limit
Dispute any false charges or errors
Pull your credit report annually and correct any mistakes
Don't subscribe to any online credit reports or monitoring company/services. Thier inquiries can reduce your credit scores
Dont close any unused credit cards
Resolve public records by having court release
watchout for identity theft.
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