The Misconception people have about credit score is that it increases only due to on time payments each month. ❌WRONG❌ !! Throughout these years of building and constructing my foundation on success I’ve learned a lot on 💳credit and the components that come up with your 📈score. Factors That Play a Part on yourCredit Score 👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼 1. New Credit (10%) 2. Utilization (30%) 3. Type of Credits Used (10%) 4. Length Of Credit History (15%) 5. Payment History(35%) When wanting to build Credit it’s important to keep in mind that these angles are a way to build and that not being responsible with them can have a negative impact. Other events like delinquent accounts can also create that dip in your score. So who creates this score ? There are three Credit Bureaus that please these numbers based on the details of all your accounts. 1. TransUnion 2. Equifax 3. Experian Hope this video can help you understand Credit Score and how it works!
The Misconception people have about credit score is that it increases only due to on time payments each month. ❌WRONG❌ !! Throughout these years of building and constructing my foundation on success I’ve learned a lot on 💳credit and the components that come up with your 📈score. Factors That Play a Part on yourCredit Score 👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼 1. New Credit (10%) 2. Utilization (30%) 3. Type of Credits Used (10%) 4. Length Of Credit History (15%) 5. Payment History(35%) When wanting to build Credit it’s important to keep in mind that these angles are a way to build and that not being responsible with them can have a negative impact. Other events like delinquent accounts can also create that dip in your score. So who creates this score ? There are three Credit Bureaus that please these numbers based on the details of all your accounts. 1. TransUnion 2. Equifax 3. Experian Hope this video can help you understand Credit Score and how it works!