Boosting your credit rating matters, and aiming for a perfect score makes you a much more attractive customer to banks and other financial institutions.
This gives you access to the most elite products, which come with much lower interest rates, saving you a load of money in the long-term!
There are three major credit reporting agencies: Experian, Equifax, and TransUnion. They create your credit score and provide your report card for lending. Just like school, you are graded on how you manage your credit on a day to day basis – and how risky you are to lend to.
The higher your score is, the more power you have in negotiations. This can be anything from renting a nicer home, getting better rates on insurance, utilities, or buying a home.
Credit agencies take various factors into account when calculating your score, including:
There is some financial information that won’t be reported, including the following:
However, here’s a list of what will be reported on your credit report:
Your payment history makes up around 35% of your total credit score, so this is the most important factor to consider. Late or missed payments can drop your score substantially.
Credit utilization, the length of your credit history, hard credit check and new accounts opened, and diversity of credit all impact your score, as well.
If you’re using Experian, credit scores can be broken down into these categories:
An estimated 61% of Americans have a score of “Good” or higher. But, if yours is lower, there are some ways to give your score a boost.
Here are some top tips to boost your credit score quickly :
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