What makes up your credit score?

Posted by joshuak on Tuesday August 15 @ 8:45 am

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%)

 



Cool Money Tools at Money Central

Posted by joshuak on Friday April 21 @ 8:20 am

I found a very easy to use money tool at MoneyCentral today. It’s the Debt Evaluation Calculator. It asks about your income, your house payments, other payments. Using the information you provide, it then displays the results and provides a summary. For example, here’s what it tells me:

Results
You pay $1456 in debt payments and have a total income of $5450 each month, resulting in a debt ratio of 27%.
You have a relatively low debt ratio that puts you in good stead to make all of your payments.
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