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Improve Your Credit Score Can Save You Thousands $$$.
Improve Your Credit Score Can Save You Thousands $$$.
WSJ weekend article tell us that with higher credit scores you can general borrow more money with lower rates on mortgages, get better rates on car loans, better deals on credit cards and even lower home and auto insurance rates.
The three main credit reporting agencies are Equifax, Experian and TransUnion. Experian Credit Reporting agency is now tracking rent payments that can help increase your credit score.
FICO credit scores are on a scale from 300 to 850 with most lenders considering that 720 and higher being prime borrowers.
Five factors go into a FICO credit score:
Payment History accounts for 35%, so simple paying your debt on time is key. Over all amounts owe accounts for 30% of your score, the less you owe the higher the score.  Credit History accounts for 15% which favors borrows with a long history  Diversity of Credit accounts for 10%, the ability to handle different types of credit/loans. Recent Credit applications account for 10%, high multiple requests can affect your score. Some quick tips to improve your credit scores are:
Pay your debts on time. Pay your credit cards ahead of time.  Spend less on ... more

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