Your credit score can seem like a powerful, yet mysterious number that controls your life, but learning about what it is and what determines it can help you control your credit and make it more manageable.Visit Vic Canever Chevrolet, Inc. to learn more about your credit score and buying a car in Fenton, MI!
Your credit score is made up of five distinct parts:
- 35% is your payment history. Any payments past 30 days late will reflect poorly on your credit and will stay on your credit report for 7 years.
- 30% is the amount you owe on each account.
- 15% is the length of your credit history.
- 10% is the types of credit you use—mortgage, installment loans, credit cards, etc.
- 10% is any new credit accounts you’ve opened, or tried to open.
Credit scores can range from below 600, which is considered very bad, to above 750, which is considered excellent.
If you want to improve your credit, there are three important steps you can take to get started.
- Check your credit report. Every year, you are allowed to access your credit report once for free. Here you can see if there are any errors that you need to correct and see how your past payment history looks.
- Pay your bills on time. Late payments are one of the biggest downfalls when it comes to credit. If you have trouble paying on time, set up reminders or automatic payments so you never miss a payment again.
- Pay off your debts. Of course, this is the hardest part, but imagine how much money you’ll save, when you don’t have to pay credit card bills each month.
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