Your payment history is the single greatest factor used by the credit bureaus to compute your credit score. Your own personal history accounts for roughly 35 percent of your overall credit score.
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Your combined debts are the second most important factor used by the credit bureaus to compute your credit score. Your combined debt accounts for roughly 30 percent of your overall credit score.
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For better or for worse, credit scores often make a huge impact on our lives and our personal financial situations. As a matter of fact, your credit score may be the most important number you’ll ever see.
The credit scoring system that plays such an important role in our lives today was originally created by Fair Isaac & Co. in the late ‘50s.
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The length of time you’ve had open credit accounts is taken into consideration by the credit bureaus when they compute your credit score. How long you’ve been using credit accounts for roughly 15 percent of your overall credit score.
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Opening new credit accounts in your name will affect your credit score. Any new credit accounts may account for roughly 10 percent of your overall credit score.
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The types of credit accounts you have open will be taken into consideration by the credit bureaus when they compute your credit score. Your revolving credit accounts and any installment loans in your name will account for roughly 10 percent of your overall credit score.
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Just when we’ve finally come to terms with the FICO (Fair Isaac & Co.) credit scoring system, the three national credit bureaus (Equifax, Experian and TransUnion) have unveiled the new Vantage score.
The Vantage score is an entirely new beast. It’s the end result of efforts by the credit bureaus to standardize the scoring algorithm each bureau uses when computing consumer credit scores.
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When potential lenders look at your credit score they can quickly and easily determine how well you may manage a loan or new line of credit. A lot of information regarding your past and present debts is used to compute your score.
But what information won’t be factored into your own score?
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