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%)