Your credit report has your Identification Info, Public Record, Creditor Info, as well as Hard & Soft Inquiries.
Credit Score Represents Credit Worthiness.
It is up to the consumer to check the accuracy of the report.
Credit Score Ranges From 300-850.
The average credit score is 674.
80% of credit reports are inaccurate.
15% of your score is made up of the age of your credit.
Keep credit balances below 30% or less to improve your credit score.
Keep credit balances below 15% more drastic improvement.
Use your credit card at least once every 3 months to keep your card active on your report.
Payment history is 35% of your score.
30 day late can affect your score 20-100 points.
Foreclosure affects a credit score by 200-300 points.
You should check your credit score 6-12 months before applying for a loan.
Your score can go from 620-720 in 6 months.
FICO needs 3 lines of credit to record a score.
A 1.36% difference=$257/month difference=$3,084 year difference.
You can stop inquiries on your credit at (888) 567-8688 or www.optoutprescreen.com.
Follow these steps to improve your credit score....
1.Get Your Credit Report
2.Correct All Inaccuracies On Your Report
3.Make Sure Your Proper Credit Lines Are Posted On Your Credit Reports
4.Set A Goal To Pay Off Collections On Your Credit Report
5.Set A Goal To Pay Down Credit Cards Under 30%
6.DO NOT Close Old Accounts
7.Avoid Applying For New Credit
8.Have At Least 3 Revolving Lines & 1 Installment Loan Listed On Your Credit Report