Stellar Snippets
Payment history is the biggest factor in determing your credit score, making up 35% of your score.
Even a single missed or delayed payment can have a negative impact and cause a drop in your credit score.
Applying for new credit can lead to a hard inquiry on your credit report and temporary drop your score.
Your credit utilization ratio, the second important part of your report, should stay below 30% on average.
Closing a credit card account will not only increase utilization ratio, but also reduce length of credit history.
Inaccurate information on your credit report that you have not fixed can also cause a decrease in score.
Major events like foreclosure or bankruptcy can also have an extreme and serious impact on a credit score.
Improving your credit score involves paying bills on time, minimizing debt, and responsible spending habits.
Remember that credit scores change. You have the ability to improve yours by having good credit habits.