Wealth Today

As I’ve been helping share the process of credit repair with my friends and family, I’m often asked about what factors account for their credit score. Today, I found a great article on it at MoneyCentral that goes into the issue in great detail. You’ll discover why your credit score is where it’s at.

Here’s some of the most interesting information in the article:

The final number is a composite of individual ratings in five categories:

• Payment history (35% of the rating)
• Length of credit history (15%)
• New credit (10%)
• Types of credit used (10%)
• Debt (30%)

If you’ve been reading my history over the past year and a half at Wealth Today, you’ll know that my credit has been important to me because I want a good rate on my mortgage loan when I get it. We’ve worked real hard and we worked through several steps to improve our credit rating. To find out more about how we did it, www.creditlovers.com has done a pretty good job of outlining the steps to repairing bad credit.
All of that work is visibly becoming evident. We were recently received an offer of a 0% introductory rate on a pre-approved Bank of America credit card with the largest credit line we’ve ever had and no annual fee. We’ve also gotten offers from Washington Mutual, HSBC, Chase and of course CapitalOne. We seem to now get a pre approved offer on a daily basis. It’s crazy how much these banks want our business. I’m glad I know better than to take any of them. We’re pairing it down and probably going to keep our two lowest interest rates, while keeping a close eye on any annual fee.