e Amount of outstanding debt The more debt you have, the harder it may be to receive new credit from a lender.
Factors that affect your credit score. Many factors influence credit score models, and each model uses different calculations. Here is a list of some common factors most models use include.
e How you pay your accounts
Pay your bills as agreed and on time.
e How often you apply for credit If you have several hard inquiries within a short time frame, it could make creditors wary. However, most credit scores aren’t affected by multiple inquiries for the same type of loan made within a short period of time. e Incorrect information Inaccurate information on your report could have a negative impact on your score.
e Credit records Liens, bankruptcies and judgments, even if they’re fully paid, can negatively impact your score.
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